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   Senate Strips Hollywood Tax Credit from Stimulus Plan

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2/3/2009 10:00 pm

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Entered 2/4/2009, Updated 2/4/2009

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Morningstar. "Senate Republicans were successful Tuesday in their first attempt to strip out spending elements in a massive economic stimulus plan that they argue will do little to boost the economy. On a 52-45 vote, the Senate approved an amendment stripping from the bill a tax credit aimed at Hollywood movie studios. The amendment was offered by Sen. Tom Coburn, R-Okla., who is notorious in the Senate for holding up generally noncontroversial bills in the interest of smaller government. Coburn and other Republicans took issue with a provision in the stimulus bill that would have allowed studio executives to write down 50% of the costs of their 2009 production equipment. Republicans say the credit would have cost $246 million over the next 11 years, a pittance compared to the hundreds of billions of dollars on the table. As debate on the stimulus plan continues, GOP lawmakers intend to offer several amendments to remove aspects of the bill they feel are difficult for Democratic lawmakers to defend." Roll Call... http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=111&session=1&vote=00034


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