Tonight's Senate Bailout bill contains railroad trackage language

Trains Magazine General Discussion
1

Leave it to the Senate to pork up an emergency bailout package! We have the best government money can buy!

SEC. 316. RAILROAD TRACK MAINTENANCE.

5 (a) IN GENERAL.-Subsection (f) of section 45G (re

lating to application of section) is amended by striking

7 ‘‘January 1, 2008’’ and inserting ‘‘January 1, 2010’'.

8 (b) CREDIT ALLOWED AGAINST ALTERNATIVE MIN

IMUM TAX.-Subparagraph (B) of section 38(c)(4), as

10 amended by this Act, is amended-

11 (1) by redesignating clauses (v), (vi), and (vii)

12 as clauses (vi), (vii), and (viii), respectively, and

13 (2) by inserting after clause (iv) the following

14 new clause:

15 ‘‘(v) the credit determined under sec16

tion 45G,‘’.

17 (c) EFFECTIVE DATES.-

18 (1) The amendment made by subsection (a)

19 shall apply to expenditures paid or incurred during

20 taxable years beginning after December 31, 2007.

21 (2) The amendments made by subsection (b)

22 shall apply to credits determined under section 45G

23 of the Internal Revenue Code of 1986 in taxable

24 years beginning after December 31, 2007, and to

25 carrybacks of such credits.

2

Explain how this is pork?

3

I fail to see any mention of railroads or railroad tracks in this text. Are you sure you provided the correct paragraph?

4

Lets face it, whatever happens is gonna affect everything anyway.

5

Can anyone explain what that means? Preferably in non-Bureaucratic language.

6

By extending tax credits into the future, you are reducing the revenue forecasts for whoever is elected President next month.

Two weeks ago, this “bailout” was three pages…then it was 42 pages…the House version was 102 pages…and tonights version is now 451 pages.

http://online.wsj.com/public/resources/documents/senatebillAYO08C32_xml.pdf

SEC. 308. INCREASE IN LIMIT ON COVER OVER OF RUM EXCISE TAX TO PUERTO RICO AND THE VIRGIN ISLANDS.

SEC. 309. EXTENSION OF ECONOMIC DEVELOPMENT CREDIT FOR AMERICAN SAMOA.

SEC. 317. SEVEN-YEAR COST RECOVERY PERIOD FOR MOTORSPORTS RACING TRACK FACILITY.

SEC. 325. EXTENSION AND MODIFICATION OF DUTY SUSPENSION ON WOOL PRODUCTS; WOOL RESEARCH FUND; WOOL DUTY REFUNDS.

SEC. 502. PROVISIONS RELATED TO FILM AND TELEVISION PRODUCTIONS.

SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.

7

Thanks, karl. Somehow, though, I wish I hadn’t asked.

8

I think my head may explode. If you want to do a bail out biil (and I am opposed to it) then do a bail out bill only.

9

Ishmael: From those words of those that have gone before us from many generations back:

Five words respected among reasonable people around the world:

Come let us reason together

Four words no self respecting American can resist:

Let’s make a deal

Six words about asking a question and getting a detailed answer to a question you really knew better than to ask and in hind site wished you hadn’t:

But you did ask the question

Two words as to why would Karl put something like this up in the forum:

Theories Abound

Take care

PL

10

The Senate “Bail Out” bill included an extension of many of the Bush Administration sponsored tax cuts that were scheduled to expire this year. Among them is the continued suspension of the Alternate Minimum Tax provisions that would otherwise apply to many individual tax payers that are in and above “middle income” brackets.

In other words, these are not new tax breaks. However, they do defer tax increases that would have applied to individuals and many different businesses on income made in 2009.

11

“There is nothing so terrible, that cannot be made worse by a bunch of panicky politicians in an election year”

12

WHAT exactly does this do for the RRs? Tax breaks for maintainance, or what?

13

This is the proposed extension of the IRC Section 45G “Short Line Tax Credit” and AMT relief bill and is a useful extension of an expired program that will help short lines fund infrastructure improvements.

It provides a $0.50 tax credit on the basis of $3,500/mile/year in MOW expenditures.

LC

14

Before passing the “Finanical Rescue Bill”, if you were watching “C-Span”, they passed a combine “Amtrak and Railroad Safety Act” (already passed the House as two separate bills). That’s 13.7 billion over 5 years for Amtrak to develope new High Speed Corridors and Mandating the use of PTC (Positive Train Control) on ALL MAJOR Railroads by 2015 (7 years) as a result of the Chatsworth Crash. It got a Fillabuster proof 64 votes.

15

The original bill was three pages in length. After all the votes were bought with pork it is now 451 pages length. Still think that no pork was added? They all need to be thrown out of office.

16

agreed!

17

There are 90 (yes, 90) added sections to the bill.

Here is Washington at it’s best:

Sec. 113 Temporary increase in coal excise tax…

Section 114 Special rules for refund of the coal excise tax to certain (YES “CERTAIN”) coal producers and exporters.

So, 113 adds a tax and 114 removes it for “certain” producers.

hmmm

I am going to see the Libertarian candidate tonight at 630pm…just made up my mind reading this. He is in town.

ed

18

Bob Barr was my congressman when I lived in Cobb County,GA.

One thing for sure, you will not be board for lack of something interesting to hear. He is a very good public speaker.

PL