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FACTBOX-Changes to the U.S. Senate economic stimulus plan

Published 02/04/2009, 02:28 PM
Updated 02/04/2009, 02:32 PM
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WASHINGTON, Feb 4 (Reuters) - Following are some of the major changes to the $900 billion economic stimulus legislation the U.S. Senate has adopted or rejected since it began voting on a long list of proposed amendments on Tuesday.

More amendments were expected to be put to a vote on Wednesday.

The Senate has:

* Added $11 billion in tax incentives aimed at boosting flagging car sales. Interest payments on automobile loans would be tax deductible for new cars bought from Nov. 12, 2008 through 2009. The tax deduction would also apply to state sales or excise taxes on car purchases.

* Boosted funding for the National Institutes of Health for medical research by $6.5 billion, bringing its total under the package to $10 billion.

* Stripped out a provision that would have provided $246 million in tax breaks for Hollywood studios for writing off production costs for movies and television shows.

* Rejected adding a provision that would have temporarily cut the tax rate to 5.25 percent from 35 percent on profits companies earn overseas and bring back to the United States. It would have required the companies to spend the money on hiring and training workers, capital improvements or research and development, among other uses.

* Rejected an amendment to expand spending on construction projects for highways, mass transit and water infrastructure by some $25 billion. (Reporting by Jeremy Pelofsky; Editing by John O'Callaghan)

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