Section 317 of the freshly approved legislation includes an extension for “special expensing rules for certain film and television productions.” Congress first enacted production tax incentives favorable to the domestic entertainment industry in 2004, and extended them in 2008, but the deal was meant to expire in 2011.
The fiscal cliff deal extends the tax incentives through 2013–even as payroll taxes rise on ordinary Americans.
Sec 403. Extension of credit for 2- or 3-wheeled plug-in electric vehicles
There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the sum of the applicable amount with respect to each such qualified 2- or 3-wheeled plug-in electric vehicle placed in service by the taxpayer during the taxable year
It makes special exemptions for the destruction of the coal mining industry for Indian coal.
(9) Indian coal
(A) In general
The term “Indian coal” means coal which is produced from coal reserves which, on June 14, 2005—
(i) were owned by an Indian tribe, or
(ii) were held in trust by the United States for the benefit of an Indian tribe or its members.
Estimates suggest that, in some cases, the value of the operating subsidies alone exceeds the actual production cost per litre of rum. It is also believed that the combined new production capacity resulting from the subsidies offered will be equivalent to at least 80 percent of current US rum consumption.
All you can do is laugh at the absurdity of it all.