Oink

A direct steal from Slate (H/T Yves Smith), but not to be missed--partial list of what's in the Senate bill:

DIVISION C-TAX EXTENDERS AND ALTERNATIVE MINIMUM TAX RELIEF

SEC. 308. INCREASE IN LIMIT ON COVER OVER OF RUM EXCISE TAX TO PUERTO RICO AND THE VIRGIN ISLANDS.

(a) IN GENERAL.-Paragraph (1) of section 7652(f) is amended by striking ‘‘January 1, 2008'' and inserting ‘‘January 1, 2010''.

(b) EFFECTIVE DATE.-The amendment made by this section shall apply to distilled spirits brought into the United States after December 31, 2007.

SEC. 309. EXTENSION OF ECONOMIC DEVELOPMENT CREDIT FOR AMERICAN SAMOA.

Subsection (d) of section 119 of division A of the Tax Relief and Health Care Act of 2006 is amended-

(1) by striking ‘‘first two taxable years'' and inserting ‘‘first 4 taxable years"

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

3 (a) IN GENERAL.-Subparagraph (D) of section 168(i)(15) (relating to termination) is amended by striking ‘‘December 31, 2007'' and inserting "December 31, 2009''.

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

(a) EXTENSION OF TEMPORARY DUTY REDUCTIONS.-Each of the following headings of the Harmonized Tariff Schedule of the United States is amended by striking the date in the effective period column and inserting ‘‘12/31/2014'':

(1) Heading 9902.51.11 (relating to fabrics of worsted wool).

(2) Heading 9902.51.13 (relating to yarn of combed wool).

(3) Heading 9902.51.14 (relating to wool fiber, waste, garnetted stock, combed wool, or wool top).

(4) Heading 9902.51.15 (relating to fabrics of combed wool).

(5) Heading 9902.51.16 (relating to fabrics of combed wool).

SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.

‘(B) EXEMPTION FOR CERTAIN WOODEN ARROW SHAFTS.-Subparagraph (A) shall not apply to any shaft consisting of all natural wood with no laminations or artificial means of enhancing the spine of such shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type used in the manufacture of any arrow which after its assembly- ‘‘(i) measures 5⁄16 of an inch or less in diameter, and ‘‘(ii) is not suitable for use with a bow described in paragraph (1)(A).''.

Wooden arrow shafts? (Updated:) Bloomberg has the skinny here. Apparently the deal is something like this: money bills originate in the House. In order to vote first, the Senate had to tie the bailout onto another bill already pending. So it was a Christmas tree to begin with. How much was added yesterday afternoon--maybe we'll find out, and maybe we won't.