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By Associated Press
POSTED: 01:46 p.m. EST, Oct 03, 2008
Key provisions of the $700 billion financial industry bailout and sweeteners added by the Senate to attract votes from constituencies.
The underlying legislation would:
• Authorize $700 billion for the government to purchase troubled assets and buy equity in distressed financial firms.
• Require the Treasury Department to make rules to prevent excessive compensation for executives whose companies benefit from the rescue, and cap deductibility of executives' pay packages at $500,000 for firms that get $300 million or more from the program.
• Establish an oversight board for the program, a special inspector general to monitor it and regular government audits.
• Require that the president establish a plan to recoup the cost from the financial industry if, after five years, there are any losses.
• Phase in the money for buying troubled assets, with $250 billion available immediately, $100 billion to be released if the president certifies it is needed, and the last $350 billion available with another certification, but subject to a congressional vote.
Among the sweeteners added are those that would:
• Provide business tax breaks, including for production of, investment in, and use of renewable fuels.
• Require group health plans that include mental health or addiction treatment to provide coverage for those conditions that is equitable to other medical coverage.
• Increase personal credits against the AMT, shielding more than 20 million taxpayers from the tax.
• Grant tax relief to victims of natural disasters in the Midwest and elsewhere.
• Extend through 2011 a program that funds rural schools and local governments that have low property-tax bases because they lie within or are adjacent to federal lands.
• Extend until end of 2009 the deduction for state and local general sales taxes.
• Extend until end of 2009 individual tax breaks, including deductions for higher education costs and teachers' personal expenses.
• Increase, from $100,000 to $250,000, the limit on federal bank deposit insurance.
Key provisions of the $700 billion financial industry bailout and sweeteners added by the Senate to attract votes from constituencies.
The underlying legislation would:
• Authorize $700 billion for the government to purchase troubled assets and buy equity in distressed financial firms.
• Require the Treasury Department to make rules to prevent excessive compensation for executives whose companies benefit from the rescue, and cap deductibility of executives' pay packages at $500,000 for firms that get $300 million or more from the program.
• Establish an oversight board for the program, a special inspector general to monitor it and regular government audits.
• Require that the president establish a plan to recoup the cost from the financial industry if, after five years, there are any losses.
• Phase in the money for buying troubled assets, with $250 billion available immediately, $100 billion to be released if the president certifies it is needed, and the last $350 billion available with another certification, but subject to a congressional vote.
Among the sweeteners added are those that would:
• Provide business tax breaks, including for production of, investment in, and use of renewable fuels.
• Require group health plans that include mental health or addiction treatment to provide coverage for those conditions that is equitable to other medical coverage.
• Increase personal credits against the AMT, shielding more than 20 million taxpayers from the tax.
• Grant tax relief to victims of natural disasters in the Midwest and elsewhere.
• Extend through 2011 a program that funds rural schools and local governments that have low property-tax bases because they lie within or are adjacent to federal lands.
• Extend until end of 2009 the deduction for state and local general sales taxes.
• Extend until end of 2009 individual tax breaks, including deductions for higher education costs and teachers' personal expenses.
• Increase, from $100,000 to $250,000, the limit on federal bank deposit insurance.
Spoonfuls of Pork to make the bitter pill go down better:
http://www.cnn.com/2008/POLITICS/10/02/bailout.pork/index.html
- Creation of a seven-year cost recovery period for construction of a motorsports racetrack. - refund of excise taxes to Puerto Rico and the Virgin Islands for rum: A $13.50 per gallon excise tax is placed on rum imported into the United States.
-Provisions related to film and television productions: In order to keep movie production in the U.S., production companies would be allowed to deduct the cost of producing the films from their taxes. Rep. Diane Watson, D-California, has been one of the program's biggest supporters. The measure would cost taxpayers $478 million over 10 years. etc. . .