New tax law packed with breaks for businesses

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WASHINGTON (AP) — Tucked into the "fiscal cliff" tax package approved by Congress are billions of dollars in tax breaks that should make the new year a lot happier for businesses of many stripes, including film producers, race track owners and the makers of electric motorcycles.

More than 50 temporary tax breaks were renewed through 2013, saving businesses and individuals about $76 billion. Congress routinely renews the tax breaks. But this time around, they were allowed to expire at the end of 2011 as lawmakers struggled to reach consensus on a wide range of tax issues.

The package passed by Congress this week and signed by President Barack Obama renews the tax breaks retroactively, so taxpayers can claim them on both their 2012 and 2013 tax returns.

Copyright 2013 The Associated Press.