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Card Consolidation Credit Debt The biggest item in the bills is the House plan to repeal the corporate minimum tax and refund more than $20 billion in taxes paid since the tax was enacted in 1986. About 16 companies, many in the energy industry, would receive more than $7 billion in immediate tax refunds.

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Credit Union Buffalo burgers might soon be on the menu of school lunch programs across the nation, courtesy of a Democratic senator's drive to help bison producers -- including media mogul Ted Turner -- in North Dakota and elsewhere.

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Merchant Credit Guide Co The richest investment banking firms near the devastated World Trade Center are on tap to receive $4,800 for every employee, using a tax credit originally designed to encourage companies to hire welfare workers.

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Apply Online For Credit Card And big corporations have persuaded the House to change an obscure provision of the federal tax code that would save $21 billion in taxes on overseas income over the next decade.

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By Card Credit Debt Debt Guide The debate between Republicans and Democrats over the best way to bolster the economy -- tax cuts or spending -- has obscured a behind-the-scenes scramble by lobbyists and their allies in Congress to secure tax breaks and other forms of government largess in the stimulus legislation that Congress is trying to pass in response to the Sept. 11 attacks.

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Credit Repair The special-interest provisions take several forms, and there are sharp differences between the bill that passed the Republican-controlled House last month and the Democratic version that cleared the Senate Finance Committee last week. The Democratic bill offers targeted relief to specific industries whose economic travails may or may not have anything to do with Sept. 11. The GOP bill leans toward broad-brush corporate tax breaks that have been coveted by Washington lobbyists for years.

Active Credit Credit Guide To some extent, the different approaches reflect ideology: Democrats say the stimulus bill should jump-start the economy with short-term infusions of cash, whether in the form of tax rebates to low-income workers or relief for suffering industries. Republicans tend to favor corporate tax breaks that affect large numbers of businesses on grounds that the first priority of a stimulus bill should be to promote investment.

Credit Score But the stimulus debate also shows how special interests in Washington -- from General Electric Co. to bison producers to chicken farmers, who would benefit from the extension of a tax credit for the production of electricity from chicken waste -- are playing as big a role in shaping the legislation as economic theory.

Bad Car Credit Guide Loan Whether these special-interest provisions survive the final negotiations is open to doubt, but it is clear that the Sept. 11 attacks have created, for some companies, an unanticipated opportunity.

Bad Credit Loan Kenneth J. Kies, one of Washington's top corporate lobbyists, said it would have been "irresponsible" and even unpatriotic for him to have refrained from seeking a provision that would reduce overseas taxes on clients such as GE and IBM Corp.

Credit Definition Derivative "I wouldn't be doing the job -- not necessarily for my clients -- but for my country if I wasn't being helpful in terms of offering ideas that can be helpful in stimulating the economy," he said.

Bad Credit Mortgage Democrats, who have said they wanted only temporary items and no industry-specific provisions, had to bend on some of those principles as they assembled support for the Senate bill. They approved special bonds for New York that would deplete federal revenue for 30 years. And they pushed through almost $6 billion in support for agriculture, including money for bison meat and other commodities (though after Republicans poked fun at the provision, Democrats deleted language mentioning specific items).

The Insider Guide To Credit Sen. Kent Conrad (D-N.D.), chairman of the Budget Committee, was largely responsible for the assistance -- potentially as much as $10 million -- for the bison industry. Even before Sept. 11, the bison industry had been suffering from overproduction and low sales, with $20 million in meat sitting in freezers. North Dakota bankers complained bison producers couldn't keep up with loan payments. The Sept. 11 attacks added to the distress, industry officials say, as customers stayed away from fancy restaurants that offered buffalo as a specialty.

Business Credit Card Much of the relief will benefit the North American Bison Cooperative, the largest group of producers (one of whom is Turner). The group had been counting on a big piece of a $3 million contract with the Agriculture Department to distribute meat to Indian reservations. Conrad told local newspapers the group was sure to win the contract.

Banker Complete Credit Guide But in September, that contract was delayed because of litigation. The Senate bill would have the government purchase $220 million in commodities suffering from low prices, with some of it used for school lunches.

Credit Card Application Laurie Boeder, a Conrad spokeswoman, defended the provision. "These are people who work very hard to produce food for the country," she said, noting that the bison industry would receive only a small part of the overall money for agriculture. "This is $10 million, if they get the full amount, out of a $220 million program in a $66 billion bill."

Credit Guide Managing Meanwhile, lobbyists for major corporations found a sympathetic ear among Republicans on the House Ways and Means Committee. The biggest item in the bills is the House plan to repeal the corporate minimum tax and refund more than $20 billion in taxes paid since the tax was enacted in 1986. About 16 companies, many in the energy industry, would receive more than $7 billion in immediate tax refunds.

Credit Card Offer Over the past several years, major corporations such as GE and Citigroup have been seeking another such tax break -- permanently changing the federal tax provisions involving overseas income, known as "Subpart F."

Merchant Credit Guide Company Under the provision, which dates to 1962, U.S. companies put off paying taxes on profits earned by their foreign affiliates until the money is brought to the United States. But in 1986, Congress changed the rules so that investment income such as stock dividends and interest would be subject to taxes in the year earned -- on the theory that companies might otherwise shift the money to offshore tax havens. The change affected companies such as banks and insurance companies that do business overseas as well as manufacturing firms that earn interest from financing foreign sales.

Bad Credit Since 1997, Congress has exempted companies from the tax rule by passing a series of temporary "extensions," the latest of which expire next year. But lobbyists such as Kies say that without a permanent exemption, companies with overseas income cannot plan effectively, placing them at a disadvantage to foreign competitors. They say the measure is appropriate to a stimulus bill because it will help protect jobs, especially in the financial service sector, which accounts for approximately 10 percent of the economy.

Collection Collection Complete "It's hard to find a company that doesn't have an interest in this because it has such broad implications," said Kies, a Republican who left his job as the top staffer at the congressional Joint Committee on Taxation in 1998 to become a vice president at PricewaterhouseCoopers.

Credit Counseling The emerging stimulus legislation has provided GE and other companies their chance to secure their long-sought lobbying goal. John Samuels, GE's director of corporate tax policy, has repeatedly traveled to Capitol Hill over the past two months from the company's headquarters in Fairfield, Conn., congressional aides say. He has met with a number of House Ways and Means Committee members and several weeks ago sat with Senate Finance Committee Chairman Max Baucus (D-Mont.). Baucus apparently was not swayed by Samuels's arguments; the Democratic bill extends the Subpart F exemption only for a year.

Complete Credit Guide Higher Democratic tax analysts say that instead of providing the economy with a short-term cash infusion, which they regard as the purpose of a stimulus bill, a permanent exemption would have the opposite effect because it would encourage companies to keep their profits overseas.

Chase Credit Card Although both bills include a provision to let companies write off the cost of new investments more quickly, a number of industries excluded from the more generous House version scrambled to get mentioned in the Senate bill. The Motion Picture Association of America, for instance, succeeded in getting the faster write-offs extended to movies, sound recordings, books, copyrights and patents. Other industries hope to score a victory on the Senate floor or in final negotiations.

Complete Credit Guide Hedging Some special-interest provisions were directly related to the aftermath of Sept. 11, such as $5.3 billion over 10 years for New York in the Senate bill. Sens. Charles E. Schumer (D-N.Y.), Hillary Rodham Clinton (D-N.Y.) and Robert G. Torricelli (D-N.J.) were the prime movers behind this section, with Torricelli driving a particularly hard bargain because he sits on the Finance Committee and his vote was necessary for passage. He won $7 billion in special bonds to help Amtrak, and an additional $2 billion in bonds for a new Hudson River Tunnel.

Bad Credit Home Loan The provision giving $4,800 per employee to businesses below Canal Street in Manhattan struck some experts as especially ironic because the tax credit was originally designed to defray the cost of training former welfare workers and the disabled. "I guess we've got to train those brokers better," a lobbyist said, "especially if they had to move to a new computer system."

Bad Credit Personal Loan By Glenn Kessler and John Lancaster
Washington Post - 11/11/2001

Topic: Campaign Finance Reform

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