Key provisions of the corporate tax bill before the Senate for final approval. The cost estimates over 10 years come from the congressional Joint Committee on Taxation (search):
—Repeal tax break for American exporters that the World Trade Organization (search) found violated global trade rules. Savings: $49.2 billion.
—Close a variety of corporate loopholes and tax shelters. One of the provisions to save $2.4 billion would tighten deduction rules for donating cars to charities. Total savings: $81.7 billion.
—Cut taxes for manufacturers and other domestic producers, a category which would include such non-factory operations as construction companies, engineering and architectural firms, film and music companies, and the oil and gas industry. Cost: $76.5 billion.
—Revise rules governing treatment of multinational corporations including allowing companies with overseas operations to bring profits back to the United States at a reduced rate for a limited time. Cost: $42.6 billion.
— Reinstates the deductibility of state and local sales taxes on individuals' federal income tax returns (search), which will primarily benefit residents of Florida, Nevada, South Dakota, Tennessee, Texas, Washington, Wyoming, all which have a state sales tax, and Alaska, which has local sales taxes but not a state sales tax. Cost: $5 billion for a deduction that would last only until Dec. 31, 2005.
— Reduce excise taxes on the sale of bows and arrows, fishing tackle boxes and sonar fish finders. Cost: $24 million.
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