Title: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.
Sponsor: Rep Thomas, William M. [CA-22] (introduced 6/4/2004) Cosponsors: 40
Committees: House Ways and Means; House Agriculture
House Reports: 108-548 Part 1
Related Bills: H.RES.681, H.R.2896
Latest Major Action: 6/21/2004 Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 591.
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SUMMARY AS OF:
6/4/2004--Introduced.
American Jobs Creation Act of 2004 - Amends the Internal Revenue Code to repeal the tax exclusion for extraterritorial income. Reduces corporate tax rates on domestic production activities income and on certain small businesses.
Extends until 2008 provisions allowing expensing of small business assets and revises rules for the depreciation of certain leasehold improvements, restaurant property, aircraft, and bonus depreciation property.
Revises tax rules for S corporations and rules relating to the foreign source income of U.S. businesses and individuals. Reduces the alternative minimum tax for certain corporations and farmers.
Repeals excise tax reductions for certain alcohol fuel mixtures and allows the tax credit for alcohol products used as fuel to reduce excise tax liabilities. Adds tax reporting requirements to regulate the payment of certain fuel excise taxes.
Extends certain expiring tax credits and deductions and authorities for the issuance of certain tax-exempt bonds.
Permits a taxpayer election to deduct State and local general sales taxes in lieu of State and local income taxes.
Sets forth rules relating to the tax treatment of expatriated individuals and corporations. Adds or increases penalties for abusive tax shelter activities. Revises tax rules for the treatment of certain transactions made primarily for the avoidance of U.S. taxation.
Revises rules for the tax treatment of certain leases made with tax-exempt entities.
Authorizes the Secretary of the Treasury to enter into contracts with private collection agencies for the collection of unpaid taxes.
Sets forth rules for the tax deduction for charitable contributions of patents and other similar intellectual properties and for motor vehicles, boats, and aircraft.
Fair and Equitable Tobacco Reform Act of 2004 - Eliminates tobacco quota and price support programs and provides for transitional payments to tobacco quota holders and active producers of quota tobacco.
