I've got great news for you if you manufacture wooden arrows for use by children that do not exceed 5/16 of an inch in diameter. Thanks to the US Government you will no longer have to pay excise duty on your arrows by virtue of the freshly minted $700 billion economic bailout bill. I am not making this up. Proposed by Senators Ron Wyden D-Oregon and Gordon Smith R-Oregon and according to CNN.com, the provision will save their constituent, Rose City Archery, approximately $200,000 per year.
Here are a few of the other left-handed beneficiaries of the legislation.
Motorsports racing venues that are now able to depreciate the cost of their facilities, including grandstands, parking lots and concession stands over 7 years, instead of 15 years. Estimated cost $100,000,000 over the next 2 years.
Rum importers that will now have a rebate against excise taxes extended until 12/31/09 available on rum imported from the Virgin Islands and Puerto Rico. A $13.50 per gallon excise tax is applied to distilled spirits imported from VI and PR and this measure extends the $13.25 per gallon rebate, which expired 1/1/08, and makes it retroactive to that date. Estimated cost is $192,000,000
United States film and television producers who will receive a full deduction for income tax purposes on the cost of productions created in the US in the year the expenditures occur. Estimated cost over 10 years is $478,000,000.
Politicians deliberated all week about adding these provisions to "help main street America", but last Monday main street lost over 1 trillion dollars from savings, mutual funds and pension plans after they kicked out the first draft. According to Taxpayers for Common Sense, the first bill given to Congress by US Treasury Secy', Hank Paulson, 2 weeks ago was 3 pages. The bill that eventually passed is 451 pages in length.
Here is some very good reading on the subject:
Bill Saporito's article on Time.com
Alexandra Twin's article on CNN.Money.com
Jeanne Sahadi's article on CNN.Money.com
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