Bailout bill

By Cydney Posner

For those interested, this link is to a section-by-section, six-page summary, courtesy of Corporate Counsel, of the bailout (pardon me, rescue) bill passed by the Senate last night by a vote of 74 to 25. The bill itself, the Emergency Economic Stabilization Act of 2008, is now 451 pages. (Of course, what has made the bill so long is the larding on of extraneous tax extensions and other tax "relief": e.g., exemption from excise tax for certain wooden arrows designed for use by children; expensing provisions related to film and television productions; income averaging for amounts received in connection with the Exxon Valdez litigation....) as well as the addition of mental health benefit parity provisons, among other things.

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