Posted by | October 2, 2008 00:50 | Filed under: Top Stories

You can’t make this stuff up.  The 450 page bill that could not have been fully read by most who voted on it, the Emergency Economic Stabilization Act of 2008, now also includes the Energy Improvement and Extension Act of 2008 and a smorgasbord of other add-ons. One of them, put in there by Oregon’s two senators, benefits the Rose City Archery which makes wooden arrows for children.

Senators attached a provision repealing a 39-cent excise tax on wooden arrows designed for children to an historic $700 billion financial-markets rescue that passed tonight by a vote of 74-25. The provision, originally proposed by Oregon senators Ron Wyden and Gordon Smith, will save manufacturers such as Rose City Archery in Myrtle Point, Oregon, about $200,000 a year.


It’s one of dozens of tax breaks benefiting Hollywood producers, stock-car racetrack owners and Virgin Islands rum- makers included in the broader legislation in an effort to win support from House Republicans, whose defection contributed to a rejection of an earlier version of the legislation two days ago on a 228-205 vote.

Here are some other goodies:

  • Sec. 105. Energy credit for geothermal heat pump systems.
  • Sec. 111. Expansion and modification of advanced coal project investment credit.
  • Sec. 113. Temporary increase in coal excise tax; funding of Black Lung Disability Trust Fund.
  • Sec. 115. Tax credit for carbon dioxide sequestration.
  • Sec. 205. Credit for new qualified plug-in electric drive motor vehicles.
  • Sec. 405. Increase and extension of Oil Spill Liability Trust Fund tax.
  • Sec. 309. Extension of economic development credit for American Samoa.
  • Sec. 317. Seven-year cost recovery period for motorsports racing track facility.
  • Sec. 501. $8,500 income threshold used to calculate refundable portion of child tax credit.
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    Copyright 2008 Liberaland
    By: Alan

    Alan Colmes is the publisher of Liberaland.