4 surprise tax perks in the "fiscal cliff" deal
Now that there's been time to digest the "fiscal cliff" deal that passed Congress, it turns out that negotiators didn't just help out individuals, families, the unemployed, doctors and milk consumers. Tucked into the 150-plus page bill are several tax perks for businesses - businesses you probably didn't even know needed tax perks.
To be clear, these are renewals of existing tax breaks that were set to expire, so they weren't plucked out of thin air during negotiations over the weekend. However, the fact that they were included in a bill that was the result of such acrimonious debate got the attention of some House members who were against the deal.
Included in the bill:
- An extension of the excise taxes on rum produced in Puerto Rico and the Virgin Islands, which are mostly returned to the territories. Estimated cost: $222 million.
- An extension of tax deductions for Hollywood to boost film and TV production in the U.S. Estimated cost: $430 million.
- An extension of a "7-year cost recovery period" for NASCAR-type racing complexes. Estimated cost: $70 million.
- An extension of a tax credit on the purchase of "2- or 3- wheeled plug-in electric vehicles." Estimated cost: $4 million.