After nearly three years of jockeying by legions of business groups, the Senate passed a $137 billion corporate tax bill on Monday that gave something to almost everyone.

That summary, from this New York Times article, seems pretty accurate. Here are a few highlights.

The sprawling bill's main provisions would eliminate a tax break for American exporters that was declared illegal by the World Trade Organization and replace it with a tax reduction of about 10 percent for companies that manufacture goods in the United States.

But the 633-page bill that finally emerged from Congress includes hundreds of other business tax breaks, which are supposed to be paid for by shutting down certain kinds of tax shelters and imposing new customs duties.

The numerous new provisions includes more than $20 billion in reductions over the next 10 years on foreign profits of multinational corporations. It would also provide a huge one-time windfall to technology companies like Oracle and Hewlett-Packard and pharmaceutical giants like Eli Lilly, allowing them to bring hundreds of billions of dollars in untaxed foreign profits back into the United States at about one-seventh of the normal tax rate.

Other provisions would benefit oil companies, timber producers, movie studios, accounting firms, cruise ship operators, tobacco farmers and dozens of other groups.

But don't worry. This isn't just a simple tax giveaway.

Technically, the new law is projected to be revenue-neutral for the Treasury because it pays for the new tax breaks by closing down many tax shelters, eliminating some tax preferences and increasing customs fees on imported goods.

One major provision is intended to raise $26 billion over 10 years by outlawing a popular tax shelter in which cities, including many foreign cities, sell subways and other public infrastructure to private investors who then lease them back and take advantage of tax deductions for depreciation.

After months of wrangling, lawmakers also restricted the "Hummer tax break," which gave small-business owners as well as many doctors and lawyers the ability to write off up to $100,000 of the purchase price of sport utility vehicles weighing more than 6,000 pounds. The new provision would limit most first-year write-offs to $25,000, raising $372 million over the next three years.

"It's almost impossible to have a perfect tax bill," said Senator John B. Breaux, Democrat of Louisiana...

On that last point, there is certainly plenty of proof in this pudding.