The Economic Stimulus Package: A Guide to What Special Interests Want and May Get

When George W. Bush assumed office in the wake of last year's tumultuous presidential race, business interests spanning nearly every industry in the nation thought tax breaks would be a sure thing under the new Republican administration.

But when corporate lobbyists attempted to attach their various wish lists to President Bush's tax cut proposal last spring, the White House shooed them away, promising that another tax bill with its own opportunities would come later.

Today, business interests--the ones who not only paid most of the $3 billion tab for last year's record-breaking elections, but also shelled out millions more this year to lobby in support of Bush's controversial tax cut--are still waiting. But they may not be for much longer.

Following the Sept. 11 attacks against the World Trade Center and the Pentagon, the House this week is set to take up what could be the most expensive bailout ever: an economic stimulus plan that could cost as much as $100 billion. The legislation, jointly conceived by President Bush and the Congress, includes a series of targeted tax cuts for businesses and individuals aimed at jump-starting the sluggish economy.

Already, the bill has reinvigorated at least one industry: Washington's special interest lobbyists, who view the stimulus plan as an irresistible way to finally achieve some hard-fought goals. And while some groups, including the Tax Relief Coalition (a group assembled last spring by the National Association of Manufacturers and other trade associations to support Bush's individual tax cuts), have urged restraint among their members, many are already bracing for a virtual feeding frenzy. The end result could be an old package filled with long-debated issues -- only this time, it has a new wrapping: the American flag.

Here's a guide to what some interests want, including a breakdown of their soft money, PAC and individual contributions to federal parties and candidates during the 1999-2000 election cycle and for the first half of 2001:

Restaurants & Bars 1999-2000:

$8.2 million, 70 percent to Republicans 2001 so far: $803,313, 76 percent to Republicans

Six years after Congress repealed a tax deduction for the "three-martini" business lunch, the restaurant industry has been tireless in its efforts to restore the credit. The write-off currently is 50 percent of the cost of a business meal, and earlier this year, the National Restaurant Association ($139,646 in 2001; 81 percent to the GOP) simply wanted that deduction increased to 80 percent. In the wake of the terrorist attacks, however, the industry has asked members of Congress for a full deduction of business meals. Already, the industry has lined up at least three notable supporters: Sens. Harry Reid (D-Nev.), John Breaux (D-La.) and Daniel Inouye, (D-Hawaii). But that perk could arrive with something the restaurant industry does not want and has strongly opposed for years: a proposed minimum wage increase.

Computer/Internet Industry 1999-2000:

$39.6 million, 52 percent to Democrats 2001 so far: $4 million, 61 percent to Republicans

For years, the computer industry has been asking Congress to rethink the tax code when it comes to depreciation of computer equipment and software. The industry wants to permit businesses to write off the value of the equipment within two years of its purchase, if not immediately, rather than over the five years that is currently allowed. The industry also wants software to be considered a depreciable asset under the tax code, while Microsoft ($692,585 in 2001; 53 percent to the GOP) simply wants software costs to be written off as a business expense. While Microsoft's proposal hasn't been adopted thus far, the House Ways & Means Committee last week signed off on tax breaks for tech equipment and software purchased after Sept. 11th and continuing for the next three years. Meanwhile, Internet companies, in the continuing battle over the Tauzin/Dingell broadband bill, want any stimulus package to include tax credits to speed construction of high-speed Internet networks across the country.