10 outrageously pricey tax breaks ‘gifted’ by Congress
The Fiscal Times
By Eric Pianin, Rob Garver 3 hours ago
10 Outrageously Pricey Tax Breaks ‘Gifted’ by Congress
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10 Outrageously Pricey Tax Breaks ‘Gifted’ by Congress
The Senate, on its way out at the close of the 113th Congress, approved the extension of more than 50 tax breaks, collectively known as “tax extenders,” which had expired at the end of last year. The provisions cover everything from business research costs to NASCAR tracks and will now apply to tax year 2014.
The extenders will expire again in two weeks, however, and Congress will have to revisit their renewal in the New Year. It’s a process that tax experts abhor, as many incentives inherent in the extenders can’t have their full effect without providing the beneficiaries a degree of certainty about their continuation into the future.
Related: Tax Extenders Are Budget Busters
The package passed the Senate without the support of outgoing Senate Finance Committee Chairman Ron Wyden (R-OR), who blasted the provision as not having “the shelf life of a carton of eggs.”
WHY THIS MATTERS
In one of its last acts before adjourning, Congress did what it excels at – it kicked the can down the road. It gave tens of billions in temporary tax breaks to major corporations and businesses and wealthy investors. Lawmakers must decide which of these is really worthwhile for the economy – or not.
More importantly, these “eggs” whisked through the Senate will be costly. Businesses and individuals will be able to claim an estimated $45 billion of deductions and credits on their 2014 tax returns. As Taxpayers for Common Sense notes, that figure is a 10-year estimate that assumes the tax measures will expire in two weeks – when they’re sure to be reauthorized again by the next Congress. The watchdog group pegs the true cost of the tax breaks at more than $81 billion for the first year.
Related: House Poised to Kick the Can Again on Tax Extenders
Taxpayers for Common Sense highlighted these “10 top cherries” atop the $1.1 trillion omnibus spending package passed by Congress and signed by President Obama:
ONE: A break for NASCAR track owners.
Owners of NASCAR tracks and other “motorsports entertainment complexes” may write off the cost of facilities on their taxes over seven years, instead of the standard 39 years for nonresidential property and 15 years for “improvements,” such as roads. This is provided the venue hosts an event within three years of its completion. Est. cost in FY 2015: $11 million.
TWO: Extension of some racehorses’ classification as 3-year property.
The 2008 farm bill temporarily cut the cost recovery period from seven years to three years for racehorses that begin training when they’re older than two. This provision extends this recovery period to all racehorses despite a U.S. Treasury study that determined racehorses have an economic life of nine years when including post-career breeding and resale value. Est. cost in FY 2015: $74 million.
THREE: Expensing breaks for film and TV productions.
The law allows filmmakers the option of deducting significant costs for most productions. Producers can elect to expense the first $15 million of costs incurred in the current year, which can be claimed if at least 75 percent of the costs are for services performed in the U.S. Est. cost in FY 2015: $245 million.
Related: How Our Tax Policy Can Kill Jobs and Stifle Innovation
FOUR: Research & development tax credit.
This tax credit, which has an extraordinarily broad definition of “research,” generally goes to larger corporations. Companies that have benefited in the past include Microsoft Corp., Boeing Co., United Technologies Corp., Electronic Data Systems Corp. and Harley-Davidson. Est. cost in FY 2015: $3.786 billion.
FIVE: Bonus depreciation.
Instead of writing off costs of equipment over many years on a depreciation schedule, bonus depreciation allows fifty percent of the cost of equipment purchased in 2014 to be deducted immediately, with the remaining cost deducted over time. This break was designed to help stimulate the economy during hard times. But surveys have shown it has little or no effect. Est. cost in FY 2015: $45.3 billion.
SIX: Rum excise tax revenues in Puerto Rico and the Virgin Islands.
The history of this break is byzantine and confusing, but bottom line, Congress will extend a provision increasing an excise tax rebate of $13.25 per proof gallon of rum distilled in Puerto Rico and the U.S. Virgin Islands. The provision’s main beneficiaries? The liquor companies Diageo and Bacardi. Est. cost in FY 2015: $168 million.
SEVEN: Extension of American Samoa economic development credit.
This credit allows certain corporations to offset a portion of their U.S. tax liability on income earned in American Samoa from active business operations, sales of assets, or certain investments in American Samoa. Est. cost in FY 2015: $14 million.
Related: A Saturday Night Live Senate Session Gets a $1.1 Trillion Spending BillPassed
EIGHT: Breaks for alternative fuel.
Companies that produce unconventional alternative fuels receive a production tax break of 50 cents per gallon while companies that blend traditional fossil fuels with small amounts of high carbon fuels receive the same tax benefit. Est. cost in FY 2015: $397 million.
NINE: Alternative fuel vehicle refueling property
This provision provides a 30-percent tax break for gas stations or other facilities installing biodiesel or 85 percent ethanol blender pumps or repowering sites for electric vehicles. Stations dispensing natural gas, liquefied natural gas (LNG), and liquefied petroleum gas (LPG) are also eligible. Est. cost in FY 2015: $38 million.
TEN: Deduction of state and local general sales taxes.
This was eliminated from the tax code in the 1986 reforms, but was revived in recent years. It gives taxpayers the option of deducting itemized state and local sales taxes from their federal income tax, but only if they don’t deduct state income tax. The biggest beneficiaries are residents of states without state income tax, among them Alaska, Florida, Nevada, and Texas. Est. cost in FY 2015: $2.924 billion.
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On Dec 12, we have issued an updated research report on TECO Energy, Inc. (TE).
Zacks
TE $19.55 0.36%
Mortgage Loan Rates Drop to 18-Month Low
The Mortgage Bankers Association weekly report on mortgage applications noted a decrease in the group's seasonally adjusted composite index for the week ending December 12.
24/7 Wall St.
A look at North Korea's cyberwar capabilities
SEOUL, South Korea (AP) — Most North Koreans have never seen the Internet.
Associated Press
Play
Nasdaq movers: Tesla, Netflix & more
CNBC's Kate Rogers reports on the big movers in the Nasdaq.
CNBC Videos
Morning Movers: Rite Aid Soars on Earnings; FedEx Flies on Goldman Upgrade
One day after the market surged following the Fed's message of patience, stocks look set for another big gain. S&P 500 futures have jumped 1.1%, while Dow Jones Industrial Average futures have gained 1.1%. ...
Barrons.com
GS $190.39 2.90%
Dominion Resources (D) to Buy Carolina Gas Transmission - Analyst Blog
Dominion Resources, Inc. (D) has inked an agreement to acquire Carolina Gas Transmission Corporation from SCANA Corporation (SCG).
Zacks
D $74.12 0.20%
Wells Fargo Rides Retail Deposits to Become Most-Valuable Bank
Behind Wells Fargo & Co. (WFC) ’s ascent to the world’s most valuable bank lies a cheap and reliable source of funds favored by regulators and less popular with its largest rivals: retail bank deposits. ...
Bloomberg
BAC $17.43 0.98%
China FX regulator says closely monitoring Russian rouble slide
BEIJING (Reuters) - China is closely monitoring the slide in the Russian rouble, the foreign exchange regulator said on Thursday, as the currency of one of its major energy importers struggles to avoid a free-fall.
Reuters
Will BlackBerry (BBRY) Surpass Earnings Estimates? - Analyst Blog
We expect Canadian smartphone manufacturer, BlackBerry Limited (BBRY), to beat expectations when it reports third-quarter 2015 results before the market opens on Dec 19.
Zacks
Accenture raises full-year revenue forecast after strong first-quarter
(Reuters) - Consulting and outsourcing company Accenture Plc (ACN.N) raised its revenue forecast for fiscal 2015 after contract wins helped the company post better-than-expected first-quarter earnings ...
Reuters
ACN $89.50 4.92%
Play
Tee time with Rickie Fowler
Pro golfer Rickie Fowler, and Kenny Dichter, Wheels Up founder & CEO, discusses golf and ride-sharing private jets.
CNBC Videos
Dunkin Brands (DNKN) Stock Gets Creamed in Pre-Market Trading on Weak Guidance
Dunkin Brands (DNKN) stock is down in pre-market trading on Thursday, after the Dunkin' Donuts/Baskin Robbins operator issued weak earnings and sales guidance for fiscal 2015.
TheStreet.com
Putin Will Face Media Tomorrow in ‘Moment of Truth’
Russian President Vladimir Putin will address the media at his annual press conference tomorrow as the country faces a crisis that evokes memories of the post-Soviet dystopia of 1998. Sanctions imposed ...
Bloomberg
Agilent’s Evolution Since Spinoff May Lead to Takeover: Real M&A
Agilent Technologies Inc. (A) may finally be the right size for a takeover. The $13 billion company completed the spinoff of its electronic measurement business last month, the latest in a series of moves ...
Bloomberg
A $40.60 2.11%
After-hours buzz: Avon, Oracle, Jabil, Hertz & more
Check out which companies are making headlines after the bell Wednesday:
CNBC
AAPL $110.96 1.42%
Play
The last 5 times this happened, stocks rallied hard
Should the “Fear Index” be renamed the “Cheer Index”?
Talking Numbers
Southwest bag workers picketing over flight delays
DENVER (AP) — Saying Southwest Airlines is neglecting workers and its customers, baggage handlers are bringing attention to the company's slide in on-time performance as they seek a new contract.
Associated Press
LUV $40.14 0.05%
Saudi Arabia Spending Means Less Room for OPEC to Cut Oil Output
Saudi Arabia ’s plan to continue spending on social projects and security increases the likelihood that the world’s biggest oil exporter will stick with OPEC’s policy of maintaining output even as crude ...
Bloomberg
Why Norwegian Cruise Line (NCLH) Stock Might be a Great Pick - Tale of the Tape
One stock that might be an intriguing choice for investors right now is Norwegian Cruise Line as this security in the Leisure and Recreational Services space is seeing solid earnings estimate revision activity, and is in great company from a Zacks Industry Rank perspective.
Zacks
End game: No immigration deal, just divisions
WASHINGTON (AP) — A Congress that began with bright hopes for immigration legislation is ending in bitter divisions on the issue even as some Republicans warn that the political imperative for acting is stronger than ever for the GOP.
Associated Press
Fluor Initiates Construction at Delayed Coker Unit for Exxon - Analyst Blog
Fluor (FLR) initiated construction at the new delayed coker unit for Exxon Mobil in Antwerp, Belgian refinery.
Zacks
FLR $59.63 2.90%
Fed signals it will go slow on lifting key interest rate
The American economic outlook, bolstered by robust job growth and a sharp drop in gasoline prices, was boosted a little more with the Federal Reserve's signal that it would take as long as three years ...
Los Angeles Times
Rite Aid beats Street 3Q forecasts
On a per-share basis, the Camp Hill, Pennsylvania-based company said it had profit of 10 cents. The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment ...
Associated Press
RAD $6.66 9.90%
US stocks gain as energy sector extends rebound
NEW YORK (AP) — U.S. stocks opened higher as the energy sector continued to rebound along with the price of oil. Oracle surged after reporting strong earnings.
Associated Press
12 mins ago
Play
Cooperman: Good things come from ease on Cuba
Omega Advisors CEO Leon Cooperman, discusses his recent visit to Cuba, after President Obama announced a major move in policy regarding imports from Cuba to the U.S.
CNBC Videos
Play
U.S. could catch Russia’s cold: Shilling
As Russia's economy unravels investors are getting an eerie feeling that a 1998 style global meltdown is not out of the question.
Yahoo Finance
Exact Sciences (EXAS) Crumbles: Stock Falls by 6.7% - Tale of the Tape
Exact Sciences has been witnessing a flat trend in its current year loss consensus and its share price has been falling for past few days
Zacks
Play
Fed needs to do THIS before rate hike: El-Erian
Mohamed El-Erian, former co-CEO and co-CIO at Pimco, believes the Fed will remove the "considerable period of time" phrase on interest rates.
CNBC
Russians flock to stores to pre-empt price rises
MOSCOW (AP) — Russian consumers flocked to the stores Wednesday, frantically buying a range of big-ticket items to pre-empt the price rises kicked off by the staggering fall in the value of the ruble in recent days.
Associated Press
The 4 Stocks That Sank Tuesday’s Market
December 16, 2014: Markets opened lower on Tuesday after Russia raised its lending rate to 17% in an effort to support the ruble and oil opened down more than 2%. But oil rallied and pulled the major indexes ...
24/7 Wall St.
^DJI 17,617.00 1.50%
L-3 Communications to Sell Marine Systems International - Analyst Blog
L-3 Communications Holdings (LLL) entered into a definitive agreement with Wartsila Corporation to sell its Marine Systems International business.
Zacks
Play
Russia sells currency
The battered Russian ruble is rebounding slightly today. CNBC's Geoff Cutmore reports on the challenges facing the Russian central bank.
CNBC Videos
Penn West Petroleum (PWE) Stock Is Up Today Depite Lowering Dividend
Penn West Petroleum (PWE) is gaining Wednesday despite the announcement that it will lower its dividend and reduce its capital budget for 2015.
TheStreet.com
Amazon's name gets tossed into spinoff ring
As spinoff mania heats up, even Amazon is getting sucked into the speculation.
CNBC
Oil prices sink further in Asian trade
Oil suffered fresh losses in Asia Wednesday, sinking to new multi-year lows as dealers watch Russia's ruble crisis and await the latest US crude supply report, analysts said. US benchmark West Texas Intermediate for January delivery sank $1.16 in afternoon trade to $54.77 while Brent crude for…
AFP
Airline Stock Roundup: Delta Offers Long-Term Outlook, Southwest to Expand - Analyst Blog
We are not too perturbed by the decline in stock prices of almost all the major carriers over the past week.
Zacks
DAL $46.40 0.50%
One Reason Ford (F) Stock Is Up Today
Shares of Ford Motor (F) are higher as the company starts deliveries of its popular 2015 F-150 trucks.
TheStreet.com
F $14.57 0.83%
Synovus Financial Corporation (SNV): New Analyst Report from Zacks Equity Research - Zacks Equity Research Report
Synovus' third-quarter 2014 net income came in line with the Zacks Consensus Estimate. Higher revenues and reduction in provisions led to growth
Zacks
SNV $26.47 2.00%
Caesars Receivership Case on Fast Track While Talks Continue
Caesars Entertainment Corp. (CZR) , the casino operator struggling to restructure $18.4 billion of debt, must face a quicker-than-normal trial on whether a receiver should take control of its main operating ...
Bloomberg
9 U.S. oil stocks that could be gushers
A combination of low debt and consistent earnings may be just the ticket for investors looking to play the downtrodden Energy Minerals sector.
MarketWatch
Play Video
2015 Rock & Roll Hall of Fame inductees stir debate
The Wall Street Journal’s John Jurgensen on the 2015 inductees to the Rock & Roll Hall of Fame.
Fox Business Videos
'Mad Money' Lightning Round: GE Is a Good Stock With Good Yield
Cramer is skittish on Sanofi, can't recommend C&J Energy Services and doesn't want you in Annaly Capital.
TheStreet.com
3M Gets New Street-High Analyst Price Target
Could 2015 be the year of conglomerates? A new research report from Merrill Lynch has put a street-high price target on 3M.
24/7 Wall St.
MER-PM $25.21 0.12%
Cypress Semiconductor (CY) Shares March Higher, Can It Continue? - Tale of the Tape
Cypress Semiconductor (CY) Shares March Higher, Can It Continue?
Zacks
CY $14.30 0.85%
Traders Betting Russia’s Next Move Will Be to Sell Gold
Russia ’s surprise interest-rate increase failed to stop the plummeting ruble. The next weapon available to repair economic havoc caused by sanctions and falling oil prices: selling gold. Russia holds ...
Bloomberg
Lockheed to settle suit over retirement accounts
ST. LOUIS (AP) — Lockheed Martin Corp. agreed on Tuesday to settle a federal class-action lawsuit accusing the aerospace and defense behemoth of mismanaging the investment accounts of its employees and retirees, charging the investors high fees along the way.
Associated Press
Play Video
Opportunities in Cuba
Discussing Miami's contributions to Cuba, investing in Cuba and President Obama's remarks on policy changes, Armando Codina, Codina Group CEO.
CNBC Videos
Hudson City Bancorp, Inc. (HCBK): New Analyst Report from Zacks Equity Research - Zacks Equity Research Report
We have upgraded our long-term recommendation on Hudson City to Outperform from Neutral, following the announcement of the extension date of closure of the merger deal with M&T Bank Corp. which creates further possibilities of completion of the long proposed deal
Zacks
HCBK $9.80 1.45%
General Mills (GIS) Stock Climbs Today Following Second Quarter Earnings Beat
General Mills (GIS) shares are rising after the company reported second quarter earnings ahead of analysts' expectations.
TheStreet.com
Fannie Mae, Freddie Mac to lose market share to private capital: CBO
WASHINGTON (Reuters) - America's government-controlled mortgage finance giants, Fannie Mae and Freddie Mac, will likely guarantee a shrinking share of new loans over the next decade, congressional analysts said on Tuesday.
Reuters
Navistar International (NAV) Plunges: Stock Falls by 16.9% - Tale of the Tape
Navistar International saw a big move last session, as the company’s shares fell by about 17% which continued the downtrend for the company
Zacks
ConocoPhillips (COP) Stock Gains Along With Rising Crude Prices
ConocoPhillips (COP) shares are rising as the price of a barrel of Brent Crude also increases.
TheStreet.com
COP $68.00 1.58%
Nucor (NUE) Unveils Fourth Quarter Earnings Guidance - Analyst Blog
Nucor Corporation (NUE) has announced its earnings guidance for the fourth quarter of 2014 which reflects a decline on a sequential basis.
Zacks
NUE $49.80 0.63%
Rosneft Denies Role in Ruble’s Rout as Pressure on Sechin Mounts
The record bond issue by OAO Rosneft last week isn’t connected to the collapse of the ruble, said Igor Sechin , the head of Russia’s largest oil producer and one of President Vladimir Putin’s closest confidantes. ...
Bloomberg
8 Energy Stocks to Add to Your Shopping List
These companies are survivors. Once the price of crude oil stops sliding, their shares will take off.
Kiplinger42 mins ago
Behind Russia's Current Crisis: It's Not the Ruble, It's Putin
These types of leaders are revered -- until they're not.
TheStreet.com
Play
Is America immune to the global economic risks?
FBN’s Charles Payne on whether economic concerns overseas are a potential risk to the U.S. economy.
Fox Business Videos
Oil rises 2 percent to $62 as energy firms slash investments
By David Sheppard LONDON (Reuters) - Brent crude rose 2 percent to above $62 a barrel on Thursday, extending a rebound from five-year lows this week as oil's six-month price rout forced more energy firms ...
Reuters47 mins ago
Will Cintas (CTAS) Surprise This Earnings Season? - Analyst Blog
Cintas Corporation (CTAS) is scheduled to report its second-quarter 2015 results after the closing bell on Dec 18
Zacks
Jim Cramer's Top Stock Picks: CVS RRD KS
Cramer says CVS is a stock to buy when the market falls while he's a big fan of KapStone Paper and its CEO.
TheStreet.com
Gold and Silver Outlook for 2015
Here is a look at what 2015 may have in store for top gold and silver miners. Will the bleeding continue at its current pace or will it slow down next year?
24/7 Wall St.
White House: ruble plunge has Russia between 'rock and hard place'
WASHINGTON (Reuters) - Russia's rouble crisis has put Moscow's economic policy "between a rock and a hard place," but the impact on the United States should be limited, President Barack Obama's top economist told reporters on Tuesday.
Reuters
Petrobras Plummets 16%, Defers Q3 Earnings Date Again - Analyst Blog
Petroleo Brasileiro S.A., or Petrobras (PBR) declared that it has deferred its third-quarter 2014 earnings yet again.
Zacks
PBR $7.06 5.37%
Retirement: 7 financial goals for the end of the year
A little time spent at the end of the year can make your retirement easier.
USA TODAY
4 Stocks Better than Las Vegas Sands in 2014 - Analyst Blog
Most of the gambling stocks have suffered this year with Las Vegas Sands turning out to be one of the biggest losers. However, four stocks performed better than Las Vegas Sands in terms of three-quarter average revenue and earnings surprises.
Zacks
LVS $53.68 2.62%
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