Thursday, October 02, 2008

Senate Rescue Plan Funds Kids Wooden Arrows

Well we are going to start our new business venture now, maybe even get a government loan in the minority entrepreneurship category, yep, to make unusual kids wooden arrows for Boy Scouts or Girl Scouts! gotta love it...

Only 10 manufacturers in 9 U.S. states make the arrows? Whippee. Millionairre status awaits us. Any outside investors wanna buy in. Setting up a paypal account shortly.

Even have a clever name "Bull's Eye."

Net the Truth Online AKA Bull's Eye

The arrows provision seeks to reverse an anomaly in a 2004 law that created the 39 cent excise tax on the weapons. Intended the levy more expensive arrows, the tax also applies to arrows used by Boy Scouts and other youth organizations that cost about 30 cents a piece. Ten manufacturers in nine U.S. states stand to benefit from the change, according to a description of the legislation from Wyden's office.

Bailout Bull's-Eye for Kids' Arrow-Makers' Tax Break (Update2)

By Ryan J. Donmoyer

Oct. 1 (Bloomberg) -- Rose City Archery Inc., an Oregon company that makes arrows used by children, hit a bull's-eye with Senate legislation that would rescue Wall Street banks.

Senators attached a provision repealing a 39-cent excise tax on wooden arrows designed for children to an historic $700 billion financial-markets rescue that passed tonight by a vote of 74-25. The provision, originally proposed by Oregon senators Ron Wyden and Gordon Smith, will save manufacturers such as Rose City Archery in Myrtle Point, Oregon, about $200,000 a year.

It's one of dozens of tax breaks benefiting Hollywood producers, stock-car racetrack owners and Virgin Islands rum- makers included in the broader legislation in an effort to win support from House Republicans, whose defection contributed to a rejection of an earlier version of the legislation two days ago on a 228-205 vote.

``This is how Washington works,'' said Keith Ashdown, chief investigator at Taxpayers for Common Sense, a Washington research group. ``A big pot of pork is their recipe for final passage.''

EXEMPTION FOR CERTAIN WOODEN ARROW SHAFTS.--Subparagraph (A) shall not apply to any shaft consisting of all natural wood with no laminations or artificial means of enhancing the spine of such shaft (whether sold separately or incorporated as a part of a finished or unfinished product) of a type used in the manufacture of any arrow which after its assembly (i) measures 5/16 of an inch or less in diameter and (ii) is not suitable for use with a bow described in paragraph (1)(A). The amendments made by this section shall apply to shafts first sold after the date of enactment of this Act.

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