Why are these provisions in the new tax law
Farmers get more lucrative deductions if they sell to farm cooperative
Inserted at request of Republican John Hoeven of ND
Farmers get a 20% deduction of sales to Cooperatives
Note: --- Pass-through owners get 20% deduction of
net income (sales less expenses).
Private owners of grain storage may have to go out of business
Federal Historic building tax credit reduced
Old Law: Take entire credit in one year
New Law: Take 20% of the credit for five years
1.4% tax on income
Applies to colleges with over 500 students
and investments of over $500,000 per student
Applies to Julliard School of Art in New York
Will raise 1.8 billion over a decade
This does not relate to the tax bill
But it shows how strange provisions get into legislation
The recently pass bill to fund the government until Feb 6 has a provision
that
strips Congress' authority to direct how the intelligence
agencies spend their funds.
The bill says funds may be spent "notwithstanding" Section 504 of the 1947 National Security Act
The 1947 Security Act specifies that congress has oversight authority over how the intelligence agencies spend their money.
This is a serious policy decision.
Shouldn't it have been discussed and debated
not rushed thorough in an unrelated bill with no hearings or discussions
This is the "regular order" issue that Senator McCain is always talking about