Beam me to Planet Gore !
Translation: If you own a business and you breathe, we will tax you to death.
They’ll be finding all sorts of chestnuts buried in that thing for years to come. As for what it has to do with the bailout, surely you jest.
Frankly, I don’t care anymore. I’m voting straight anti-incumbent from now on. Won’t do much good, but it will still give me a tickle.
I’m not sure but it sounds as if they are looking to count profits from carbon credit trading as income for purposes of bill.
Any lawyers out there care to interpret this for us?
It does’nt. I can’t believe that Republicans in the senate voted for this...
Maybe the global environmentalists are attacking the industrialized world.
http://freerepublic.com/focus/f-news/2091792/posts
Our unprincipled scumbags in Congress lack the integrity to pass one clean bill. They are all disgusting little parasites.
The 451 page document is a bit confusing. The "Bailout" language is on pages 2 thru 113. Apparently they gutted another bill and replaced it with the Bailout law, along with two other bills that had already passed the Senate (but not the House).
From what I can tell, this law that they passed tonight can be broken down into three categories, the latter two had already passed the Senate, as noted.
Page 2 - 113
DIVISION A—EMERGENCY ECONOMIC STABILIZATIONThe new Bailout language
Page 113 - 261
DIVISION B—ENERGY IMPROVEMENT AND EXTENSION ACT OF 2008Page 261 -451
DIVISION C—TAX EXTENDERS AND ALTERNATIVE MINIMUM TAX RELIEF
Division B and C passed Senate as H.R. 6049 last week
[110th] H.R.6049 : To amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes.
Sponsor: Rep Rangel, Charles B. [NY-15] (introduced 5/14/2008) Cosponsors (17)
Committees: House Ways and Means
House Reports: 110-658
Latest Major Action: 9/23/2008 Passed/agreed to in Senate. Status: Passed Senate with an amendment by Yea-Nay. 93 - 2. Record Vote Number: 205.
I thought all tax laws had to start in the House.
BSCO2
US Govt shouts, “Death to Amerika”!
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‘SEC. 45Q. CREDIT FOR CARBON DIOXIDE SEQUESTRATION. ‘‘(a) GENERALRULE.—For purposes of section 38, 2
the carbon dioxide sequestration credit for any taxable 3 year is an amount equal to the sum of—4
‘‘(1) $20 per metric ton of qualified carbon di-5 oxide which is—6
‘‘(A) captured by the taxpayer at a quali-7 fied facility, and 8
‘‘(B) disposed of by the taxpayer in secure 9 geological storage, and 10
‘‘(2) $10 per metric ton of qualified carbon di-11 oxide which is—12
‘‘(A) captured by the taxpayer at a quali-fied facility, and 14 ‘‘(B) used by the taxpayer as a tertiary 15
injectant in a qualified enhanced oil or natural 16 gas recovery project. 17
‘‘(b) QUALIFIEDCARBONDIOXIDE.—For purposes of 18 this section—19
‘‘(1) INGENERAL.—The term ‘qualified carbon 20 dioxide’ means carbon dioxide captured from an in-21 dustrial source which—22
‘‘(A) would otherwise be released into the 23 atmosphere as industrial emission of green-24 house gas, and 25
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SEC. 117. CARBON AUDIT OF THE TAX CODE.
(a) STUDY.—The Secretary of the Treasury shall enter into an agreement with the National Academy of 14
Sciences to undertake a comprehensive review of the Inter-15 nal Revenue Code of 1986 to identify the types of and 16
specific tax provisions that have the largest effects on car-17 bon and other greenhouse gas emissions and to estimate 18 the magnitude of those effects. 19
(b) REPORT.—Not later than 2 years after the date 20 of enactment of this Act, the National Academy of 21 Sciences shall submit to Congress a report containing the 22 results of study authorized under this section. 23
(c) AUTHORIZATIONOFAPPROPRIATIONS.—There is 24 authorized to be appropriated to carry out this section 25
$1,500,000 for the period of fiscal years 2009 and 2010. 26
The National Academy of Science is an offshoot begun about the time of the Civil War.
The present President of the Academy is an expert on the Atmosphere etc.. and has received numerous awards in this field.
The problem I have is "the power he may have over his "fellow scientists" at the academy...and whether they are followers or leaders and "finders of truth" or "creators of truth".
Is his verdict already in?
Go to wiki for more info and see what you think.