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Friday, April 18, 2008
Farm Bill PAYGO Deal May Be at Hand
At 11:00 a.m. today, the Senate Finance Committee announced a new tax title to the farm bill, complete with offsets. The timing is propitious, because the one-month extension of the farm bill expires today. But agreement with the House is still unlikely to come today.
The tax expenditures in the new tax title, which come to a total of $2.406 billion, are as follows:
- Ethanol Package $1.226 billion
- Schedule F Loss Limitation $0.456 billion
- Optional Self-Employment Tax $0.124 billion
- Other Farm-Related Tax Reform $0.600 billion
And the offsets for $10 billion total spending in the bill are:
- Stock Basis Reporting $6 billion
- Customs User Fees $4 billion
Posted by Dana Chasin
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