In addition to extending tax breaks for racing moguls, the legislation also extended:
• A tax credit for construction of renewable energy projects, like wind turbines and biomass, geothermal and hydropower generation, for one year. It’s projected to cost about $116 million, the committee said.
That may seem like a drop in the bucket, but here’s the kicker: While the extension to qualify for new projects covers only 2013, the actual tax credit itself is good for 10 years. That means new projects that break ground in 2013 will be able to claim the credit for the next decade, at an overall price tag the committee put at slightly less than $12.2 billion.
• An arcane provision of corporate tax law, called active financing income, that lets U.S. corporations defer taxes on some income they earn from their overseas subsidiaries. That provision will cost the U.S. Treasury more than $9 billion this…
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