New tax law packed with obscure business tax cuts

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New tax law packed with obscure business tax cuts

By STEPHEN OHLEMACHER, Associated Press Stephen Ohlemacher, Associated Press –
Fri Dec 24, 11:41 am ET

WASHINGTON – The massive new tax bill signed into law by President Barack Obama is filled with all kinds of holiday stocking stuffers for businesses: tax breaks for producing TV shows, grants for putting up windmills, rum subsidies for Puerto Rico and the Virgin Islands.

There is even a tax break for people who buy race horses.

Millions of homeowners, however, might feel like they got a lump of coal. Homeowners who don't itemize their deductions will lose a tax break for paying local property taxes.


http://news.yahoo.com/s/ap/us_tax_cuts_goodies