Oh, I know we’re not supposed to call it “pork.” It’s now “sweeteners.” And it’s not a “bailout.” It’s now a “recovery” bill. I get it. It’s all about marketing, and to properly market it to Americans (i.e. Get them to “pay no attention to the man behind the curtain!”) we have to use better words..

Well check out the pork anyway. Here’s the obnoxiously long full text of the bill. Pages 261 to 263 give a nice list of the pork…. Some of the tax provisions make sense and should be passed separately from this bill. Most of the pork is just ridiculous. Check it out and I’ll add some commentary later:

TITLE I—ALTERNATIVE MINIMUM TAX RELIEF

• Sec. 101. Extension of alternative minimum tax relief for nonrefundable personal credits.
• Sec. 102. Extension of increased alternative minimum tax exemption amount.
• Sec. 103. Increase of AMT refundable credit amount for individuals with longterm unused credits for prior year minimum tax liability, etc.

TITLE II—EXTENSION OF INDIVIDUAL TAX PROVISIONS

• Sec. 201. Deduction for State and local sales taxes.
• Sec. 202. Deduction of qualified tuition and related expenses.Sec. 203. Deduction for certain expenses of elementary and secondary school teachers.
• Sec. 204. Additional standard deduction for real property taxes for nonitemizers.
• Sec. 205. Tax-free distributions from individual retirement plans for charitable purposes.
• Sec. 206. Treatment of certain dividends of regulated investment companies.
• Sec. 207. Stock in RIC for purposes of determining estates of nonresidents not citizens.
• Sec. 208. Qualified investment entities.

TITLE III—EXTENSION OF BUSINESS TAX PROVISIONS

• Sec. 301. Extension and modification of research credit.
• Sec. 302. New markets tax credit.
• Sec. 303. Subpart F exception for active financing income.
• Sec. 304. Extension of look-thru rule for related controlled foreign corporations.
• Sec. 305. Extension of 15-year straight-line cost recovery for qualified leasehold improvements and qualified restaurant improvements; 15-year straight-line cost recovery for certain improvements to retail space.
• Sec. 306. Modification of tax treatment of certain payments to controlling exempt organizations.
• Sec. 307. Basis adjustment to stock of S corporations making charitable contributions of property.
• Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands.
• Sec. 309. Extension of economic development credit for American Samoa.
• Sec. 310. Extension of mine rescue team training credit.
• Sec. 311. Extension of election to expense advanced mine safety equipment.
• Sec. 312. Deduction allowable with respect to income attributable to domestic production activities in Puerto Rico.
• Sec. 313. Qualified zone academy bonds.
• Sec. 314. Indian employment credit.
• Sec. 315. Accelerated depreciation for business property on Indian reservations.
• Sec. 316. Railroad track maintenance.
• Sec. 317. Seven-year cost recovery period for motorsports racing track facility.
• Sec. 318. Expensing of environmental remediation costs.
• Sec. 319. Extension of work opportunity tax credit for Hurricane Katrina employees.
• Sec. 320. Extension of increased rehabilitation credit for structures in the Gulf Opportunity Zone.
• Sec. 321. Enhanced deduction for qualified computer contributions.
• Sec. 322. Tax incentives for investment in the District of Columbia.
• Sec. 323. Enhanced charitable deductions for contributions of food inventory.
• Sec. 324. Extension of enhanced charitable deduction for contributions of book inventory.
• Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds.

TITLE IV—EXTENSION OF TAX ADMINISTRATION PROVISIONS

• Sec. 401. Permanent authority for undercover operations.
• Sec. 402. Permanent authority for disclosure of information relating to terrorist
• activities.

TITLE V—ADDITIONAL TAX RELIEF AND OTHER TAX PROVISIONS
Subtitle A—General Provisions

• Sec. 501. $8,500 income threshold used to calculate refundable portion of child tax credit.
• Sec. 502. Provisions related to film and television productions.
• Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children.
• Sec. 504. Income averaging for amounts received in connection with the Exxon Valdez litigation.
• Sec. 505. Certain farming business machinery and equipment treated as 5-year property.
• Sec. 506. Modification of penalty on understatement of taxpayer’s liability by tax return preparer.

Subtitle B—Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008

• Sec. 511. Short title.
• Sec. 512. Mental health parity.

TITLE VI—OTHER PROVISIONS

• Sec. 601. Secure rural schools and community self-determination program.
• Sec. 602. Transfer to abandoned mine reclamation fund.

TITLE VII—DISASTER RELIEF
Subtitle A—Heartland and Hurricane Ike Disaster Relief

• Sec. 701. Short title.
• Sec. 702. Temporary tax relief for areas damaged by 2008 Midwestern severe storms, tornados, and flooding.
• Sec. 703. Reporting requirements relating to disaster relief contributions.
• Sec. 704. Temporary tax-exempt bond financing and low-income housing tax relief for areas damaged by Hurricane Ike.

Subtitle B—National Disaster Relief

• Sec. 706. Losses attributable to federally declared disasters.
• Sec. 707. Expensing of Qualified Disaster Expenses.
• Sec. 708. Net operating losses attributable to federally declared disasters.
• Sec. 709. Waiver of certain mortgage revenue bond requirements following federally declared disasters.
• Sec. 710. Special depreciation allowance for qualified disaster property.
• Sec. 711. Increased expensing for qualified disaster assistance property.
• Sec. 712. Coordination with Heartland disaster relief.

TITLE VIII—SPENDING REDUCTIONS AND APPROPRIATE REVENUE RAISERS FOR NEW TAX RELIEF POLICY

• Sec. 801. Nonqualified deferred compensation from certain tax indifferent parties.