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USA: Other nuggets in the fiscal cliff bill: Rum, electric vehicles and motor sports

Washington (CNN) – So what is really in the fiscal cliff legislation?

Of course, there are the widely-known sticking points the two sides have been haggling over for weeks: extensions of the income tax cuts for middle and low-income earners, the current estate tax rate, and the alternative minimum tax.

But there’s also a provision on two- and three-wheeled electric vehicles, renewable energy, and rum.

The American Taxpayer Relief Act of 2012, which passed the Senate early Tuesday morning, is a vehicle for a number of regular year-end tax extenders.

Among the extensions is the excise tax carry-over on rum produced in Puerto Rico and the Virgin Islands. It’s a federal tax of which most is paid back to the islands.

There’s also the extension of a tax credit for purchase of some electric vehicles with two or three wheels, such as scooters. It was a tax break included in the American Recovery and Reinvestment Act of 2009 and covers up to 10% of the vehicle’s cost, or at most $2,500.

The tax document for that particular credit – Internal Revenue Service form 8834 – is one and a half pages, accompanied by two pages of instructions.

Congress also extended the “Indian employment credit” for businesses that hire individuals who are members of a Native American tribe, work on the tribal land, and live on or near the reservation.

And they extended the depreciation model for motor sports complexes – facilities that hold at least seven days of racing, seat at least 70,000 people, and have concession stands that benefit charitable organizations.


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