JIMMY DEAN WOULD BE PROUD OF THIS BAILOUT BILL

Like every other piece of legislation passed into law by the U.S. Congress the $700 billion dollar Wall Street bailout bill is loaded with pet projects and pork, tons of it in fact. Students, school teachers, mining companies, Hollywood producers, Restaurant owners, farmers, Rum distillers, Indian tribes, the manufacturers of toy arrows and a whole slew of others are poised to benefit in one way or another by the passage of this bill and the ironic thing is that none of them have anything at all to do with the stability of this nation’s economy. When you get right down to it, the 451 page bailout text is more pork than substance. The following is only a partial list of the pork provisions contained in this bill.

H.R. 1424 PORK PROVISIONS

SEC. 202. DEDUCTION OF QUALIFIED TUITION AND RELATED EXPENSES.

SEC. 203. DEDUCTION FOR CERTAIN EXPENSES OF ELEMENTARY AND SECONDARY SCHOOL TEACHERS.

SEC. 305. EXTENSION OF 15-YEAR STRAIGHT-LINE COST RECOVERY FOR QUALIFIED LEASEHOLD IMPROVEMENTS AND QUALIFIED RESTAURANT IMPROVEMENTS; 15-YEARSTRAIGHT-LINE COST RECOVERY FOR CERTAIN IMPROVEMENTS TO RETAIL SPACE.

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. 310. EXTENSION OF MINE RESCUE TEAM TRAINING CREDIT.

SEC. 311. EXTENSION OF ELECTION TO EXPENSE ADVANCED MINE SAFETY EQUIPMENT.

SEC. 314. INDIAN EMPLOYMENT CREDIT.

SEC. 315. ACCELERATED DEPRECIATION FOR BUSINESS PROPERTY ON INDIAN RESERVATIONS.

SEC. 316. RAILROAD TRACK MAINTENANCE.

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

SEC. 319. EXTENSION OF WORK OPPORTUNITY TAX CREDIT FOR HURRICANE KATRINA EMPLOYEES.

SEC. 321. ENHANCED DEDUCTION FOR QUALIFIED COMPUTER CONTRIBUTIONS.

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

SEC. 322. TAX INCENTIVES FOR INVESTMENT IN THE DISTRICT OF COLUMBIA.

SEC. 323. ENHANCED CHARITABLE DEDUCTIONS FOR CONTRIBUTIONS OF FOOD INVENTORY.

SEC. 324. EXTENSION OF ENHANCED CHARITABLE DEDUCTION FOR CONTRIBUTIONS OF BOOK INVENTORY.

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

SEC. 504. INCOME AVERAGING FOR AMOUNTS RECEIVED IN CONNECTION WITH THE EXXON VALDEZ LITIGATION.

SEC. 505. CERTAIN FARMING BUSINESS MACHINERY AND EQUIPMENT TREATED AS 5-YEAR PROPERTY.

SEC. 506. MODIFICATION OF PENALTY ON UNDERSTATEMENT OF TAXPAYER’S LIABILITY BY TAX RETURN PREPARER.

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