New tax law packed with breaks for businesses: Motorcycles, movies, race tracks
—Increased tax rebates to Puerto Rico and the Virgin Islands from a tax on rum imported into the United States. The U.S. imposes a $13.50 per proof-gallon tax on imported rum, and sends most of the proceeds to the two U.S. territories. Cost: $222 million.
—Extends a 50 percent tax credit for expenses related to railroad track maintenance through 2013. Cost $331 million.
—A provision that allows motorsport race tracks to more quickly write off improvement costs. Cost: $78 million.
—Enhanced deductions for companies that donate food to the needy, books to public schools or computers to public libraries. Cost: $314 million.
—A tax break that allows TV and movie productions to more quickly write off expenses. Sexually explicit productions are ineligible. Cost: $248 million.
— A tax credit of up to $2,500 for buying electric-powered vehicles was expanded to include electric-powered motorcycles. Golf carts, however, were excluded. Cost: $7 million. Sen. Ron Wyden, D-Ore., took credit for this tax break, saying it would help Oregon-based Brammo, which manufactures electric motorcycles.
"The electric motorcycle industry is poised to create tens of thousands of U.S. jobs over the next five years, led by companies like Oregon's Brammo," Wyden said. "This amendment helps promote the development of a promising U.S. industry and support the transition to a low-carbon American economy."
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