WASHINGTON (AP) -- The Senate passed a far-reaching, $136 billion corporate tax package Monday that cuts taxes for businesses ranging from film companies to bow and arrow makers while closing tax loopholes and bringing U.S. exporters in line with international trade rules.
With the 69-17 vote, the legislation that was two years in the making and required a rare weekend session in the Senate to complete, goes to President Bush for his signature.
"About 200,000 American manufacturers will receive a benefit to help create jobs," said Sen. Max Baucus, D-Montana.
Senators also passed by voice vote two spending bills for 2005, a $33 billion homeland security bill and another including $14.5 billion in relief for Florida hurricane victims and drought-ravaged farmers in the Plains states, before their belated departure for the campaign trail.
The Senate late Sunday approved two measures pushed by Kennedy and Harkin to reassert FDA authority over tobacco and to ban implementation of new Bush administration rules that critics say will deny overtime pay to millions of workers. Both proposals are unlikely to win approval in the House.
In addition to the tax relief for manufacturing, the tax measure has $42.6 billion in tax relief for multinational companies. All the tax breaks are paid for by $136 billion in measures intended to close corporate loopholes and tax shelters.
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