Monday, December 27, 2010

Among tax deal breaks: Writing off racehorses - Business - U.S. business - msnbc.com

Among tax deal breaks: Writing off racehorses - Business - U.S. business - msnbc.com

WASHINGTON — The massive new tax bill signed into law by President Barack Obama is filled with all kinds of holiday stocking stuffers for businesses: tax breaks for producing TV shows, grants for putting up windmills, rum subsidies for Puerto Rico and the Virgin Islands.

There is even a tax break for people who buy race horses.

There is a generous tax break for banks and insurance companies that invest overseas, a tax credit for railroad track maintenance, more generous write-offs for upgrading motorsport race tracks, and increased deductions for businesses that donate books and computers to public schools and libraries.

Millions of homeowners, however, might feel like they got a lump of coal. Homeowners who don't itemize their deductions will lose a tax break for paying local property taxes.

The new law extends most of them through 2011, some through 2012. They will be paid for with borrowed money.

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