Gulf Coast businesses given break on taxes

WASHINGTON — President Bush on Wednesday signed legislation that provides $8.7 billion in tax breaks over 10 years for Gulf Coast businesses, a measure he said is part of the government's plan to help the region rebuild from destructive hurricanes.

The measure, known as the Gulf Opportunity Zone Act of 2005, sets up a special enterprise zone in the coastal area where businesses and jobs were destroyed by the Aug. 29 storm.

The tax breaks for business investment are aimed at luring companies into the region and keeping those that are already there. The bill also offers special tax-exempt bond authority to rebuild ruined infrastructure, tax breaks to rehabilitate buildings and expanded tax credits to build more low-income housing in the region.

Pirro drops campaign

to unseat Clinton

ALBANY, N.Y. — After weeks of pressure from her own party to drop out, Republican Jeanine Pirro abandoned her struggling campaign to unseat Sen. Hillary Rodham Clinton and announced Wednesday that she will run for New York attorney general instead.

"I have decided that my law-enforcement background better qualifies me for a race for New York State attorney general than a race for the United States Senate," Pirro, the Westchester County district attorney, said in a statement.

The move leaves Republicans with two active candidates for the Senate nomination: former Yonkers Mayor John Spencer, who is not well-known statewide, and an even less-well-known tax attorney, William Brenner.

Independent polls have shown Clinton, a potential 2008 presidential contender, with huge leads over Pirro and the other potential GOP challengers. As of the end of September, Clinton had about $14 million in her campaign coffers.

Date set for 2009

transition to HDTV

WASHINGTON — It's still three years away, but there now is a firm date for the transition to all-digital television — the biggest change in the industry since color TV.

Legislation passed by the Senate on Wednesday would require broadcasters to end their traditional analog transmissions by Feb. 17, 2009, and send their signals digitally.

The plan also would allocate as much as $1.5 billion for a converter-box program to help people with analog TV sets that would lose their signal. Consumer advocates say that is not enough money. The digital deadline was part of a larger budget bill that narrowly passed the Senate. House approval is expected.

Compiled from The Associated Press