American Jobs Creation Act of 2004
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American Jobs Creation Act of 2004
Legislation that repeals the Foreign Sales Corporation/Extraterritorial Income regime, creates a new tax deduction for “manufacturers,” continues enhanced small business expensing for two more years, reduces the sport utility vehicle (SUV) loophole, accelerates depreciation for leasehold and restaurant improvements, makes significant changes to s corporation rules, simplifies international taxation, gives farmers tax relief, boosts tax shelter penalties, tightens vehicle donation rules, and enacts a host of other changes.
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American Jobs Creation Act of 2004
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American Jobs Creation Act of 2004
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| Full title | An Act To amend the Internal Revenue Code of 1986 to remove impediments in such Code and make our manufacturing, service, and high-technology businesses and workers more competitive and productive both at home and abroad |
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| Acronym | AJCA |
| Enacted by the | 108th United States Congress |
| Citations | |
| Public Law | Pub.L. 108-357 |
| Stat. | 118 Stat. 1418–1660 |
| Codification | |
| Internal Revenue Code of 1986 | |
| Legislative history | |
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The American Jobs Creation Act of 2004 (Pub.L. 108-357) was a federal tax act composed of numerous tax credits for agricultural and business institutions. Included was the repeal of some excise taxes on fuel and alcohol, and the creation of tax credits for biofuels. The bill was introduced by Representative Bill Thomas on June 4, 2004, passed the House June 17, the Senate on July 15, and was signed by President George W. Bush on October 22.[1]
Initially the bill was designed to repeal the export tax incentive (ETI), which had been declared illegal by the World Trade Organization numerous times and sparked retaliatory tariffs by the European Union.[2]
Summary of provisions
The Office of Tax Analysis of the United States Department of the Treasury summarized the tax changes as follows:[3]
- created deduction for income from U.S. production activities
- repealed exclusion for extraterritorial income
- changed interest expense allocation rules
A report by the Tax Policy Center identifies the following main provisions and their costs over a period of 10 years:[2]
- repeal of the ETI over a 3 year period including transitional relief; expected to produce $49 billion in revenue
- U.S. production tax breaks of 9% of income from domestic production, with an expected cost of $77 billion
- assorted business tax relief provisions costing $7 billion
- international tax changes for a cost of $43 billion
- miscellaneous revenue generating provisions with a projected gain of $82 billion
- temporarily allowed taxpayer deduction of state and local sales taxes
References
- ^ "Bill Summary & Status: Public Law No: 108-357". Library of Congress: Thomas. October 22, 2004. http://thomas.loc.gov/cgi-bin/bdquery/z?d108:HR04520:@@@R. Retrieved 26 December 2010.
- ^ a b Clausing, Kimberly A. (December 2004). The American Jobs Creation Act of 2004: Creating Jobs for Accountants and Lawyers. Urban-Brookings Tax Policy Center. http://www.taxpolicycenter.org/UploadedPDF/311122_AmericanJobsAct.pdf. Retrieved 26 December 2010.
- ^ Office of Tax Analysis (2003, rev. September 2006) (PDF). Revenue Effects of Major Tax Bills. United States Department of the Treasury. Working Paper 81, page 12. http://www.ustreas.gov/offices/tax-policy/library/ota81.pdf. Retrieved 26 December 2010.
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