Chairman Baucus Tax Relief
($21billion – FY02)
- Depreciation – 10% increased expensing for capital assets and software in next 12 months ($14b)
- Increase Section 179 expensing to $35,000 for 12 months ($1b)
- Five-year carryback of NOL next 12 months ($4b)
- Extend all expiring provisions ($1b)
- Not Addressed
Not Addressed
Not Addressed
Not Addressed
Not Addressed
Not Addressed
Chairman Thomas Spending
($14 billion- FY02)
- Low-Income rebate checks ($14b)
- Distribute $9 billion in Unemployment Trust Funds to states for UI benefits and expanded coverage (no cost)
- Social Services Block Grant for health care coverage ($3 billion)
Chairman Baucus Spending
($49 billion – FY02)
- Low-Income rebate checks ($14b)
- Expanded unemployment benefits for 13 weeks and increase all individual UI benefit checks by $65 ($16b)
- Additional COBRA health care coverage; 50% subsidy for the purchase of additional insurance ($17b)
- Agricultural assistance ($2b)
Chairman Thomas Tax Relief
($85 billion – FY02)
- Depreciation – 30% increased expensing for capital assets and software in next 36 months ($39b)
- Increase Section 179 expensing to $35,000 for 24 months ($1b)
- Five-year carryback of NOL next 36 months ($4.7b)
- One- and two-year extensions ($210m)
· Simplify capital gains structure ($535m) - Repeal corporate AMT and refund credits ($25b)
- Accelerate income tax rates ($12b)
- Subpart F deferral on multinational income ($260m)
- 15-year life for leasehold improvements ($75m)
- Increase deduction of individual\’s capital losses ($840m)