Tax breaks extended
Congressional lawmakers got together in the opening hours of 2013, and reached a deal that staved off some tax increases and looming massive federal budget cuts.
As in any deal, there are winners and losers. More than 50 temporary tax breaks were renewed through 2013, saving businesses and individuals about $76 billion, according to the Associated Press. The tax breaks, renewed regularly, were allowed to expire at the end of 2012, but were retroactively renewed when President Obama signed the “fiscal cliff” bill.
Here is a look of some of the “fiscal cliff” deal’s beneficiaries, based on information provided by AP. Next
About the tax break: Intended for research and development.
Who benefits? A wide range of industries, including manufacturers, pharmaceutical companies, and high tech companies.
What’s the cost? $14.3 billion.
Research associate Teena Varghese worked in the lead discovery labs of Millennium Pharmaceuticals in Cambridge in October. Next
About the tax break: Allows some firms to shield foreign profits from being taxed in the United States.
Who benefits? Banks, insurance companies and other financial firms.
What’s the cost? $11.2 billion.
A woman walked past a Citibank branch in Tokyo in November 2008. Next
About the tax break: Allows companies to write off large capital expenditures, rather than over time.
Who benefits? Automakers, utilities, and heavy equipment makers.
What’s the cost? $5 billion.
Caterpillar earth-moving tractors and equipment are seen in Clinton, Ill., in June 2012. Next
About the tax break: To promote green energy.
Who benefits? Companies involved in wind, solar, and other renewable energy projects.
What’s the cost? $12.2 billion.
A wind turbine in Scituate received its crowning piece in February 2012. Next
About the tax break: Allows some businesses to more quickly write off the cost of improvements.
Who benefits? Restaurants and retail stores.
What’s the cost? $3.7 billion.
Renovations took place in January 2012 at a Harrison Avenue location that would house the Italian restaurant Cinquencento. Next
Increased tax rebates for territories
About the tax break: Bigger rebates on rum imported into the mainland United States from Puerto Rico and the US Virgin Islands. The United States imposes a $13.50 per proof-gallon tax on imported rum and sends most of the proceeds to the territories.
Who benefits? Puerto Rico and the US Virgin Islands.
What’s the cost? $222 million.
A Green Line train carried advertisements for Bacardi rum, produced in Puerto Rico, while traveling on Beacon Street in Brookline in 2004. Next
About the tax break: A 50 percent tax credit for expenses related to railroad track maintenance through 2013.
Who benefits? Railroads.
What’s the cost? $331 million.
Winter weather track maintenance equipment is shown at the Massachusetts Bay Commuter Railroad’s Somerville facility in October 2012. Next
About the tax break: Allows motorsports race tracks to more quickly write off improvement costs.
Who benefits? Race tracks across the country.
What’s the cost? $78 million.
The green flag was waved in July 2012 for the start of a NASCAR Nationwide Series race at New Hampshire Motor Speedway in Loudon, N.H. Next
About the tax break: Companies that donate food to the needy, books to public schools, or computers to public libraries will receive enhanced deductions.
Who benefits? Companies who make charitable donations.
What’s the cost? $314 million.
The Greater Boston Food Bank, with its distinctive logo looming over the Southeast Expressway, is seen in this October 2009 photograph. Next
Filming expense write-offs
About the tax break: TV and movie productions can write off expenses more quickly. (Sexually explicit productions are ineligible, however.)
Who benefits? Movie studios, television production companies.
What’s the cost? $248 million.
Actress Julia Stiles (right) was spotted filming in the Boston Public Garden in September 2012. Back to the beginning
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