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Obama Rewards Hollywood Backers By Stuffing Fiscal Cliff Deal With $430 Million In Tax Breaks… Blatant cronyism. Via ABC News: The “fiscal cliff” compromise has been heralded as a saving grace for middle class taxpayers, their families and the unemployed. But buried in the fine print of the 150-page deal are also some lesser-known New Year’s gifts to some of Washington’s favorite industries. [...] The mix of tax perks covering the next year, but with budget implications for the next two years includes everything from incentives for employers to hire veterans to incentives for employers to invest in mine safety. But it also includes these: •$430 million for Hollywood through “special expensing rules” to encourage TV and film production in the United States. Producers can expense up to $15 million of costs for their projects. •$331 million for railroads by allowing short-line and regional operators to claim a tax credit up to 50 percent of the cost to maintain tracks that they own or lease. •$222 million for Puerto Rico and the Virgin Islands through returned excise taxes collected by the federal government on rum produced in the islands and imported to the mainland. •$70 million for NASCAR by extending a “7-year cost recovery period for certain motorsports racing track facilities.” •$59 million for algae growers through tax credits to encourage production of “cellulosic biofuel” at up to $1.01 per gallon.
That Hollywood video was just great. The ending was the best part. As to the new payback millions, I wouldn't expect anything less from this pirate.