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American Jobs Creation Act of 2004

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American Jobs Creation Act of 2004
Great Seal of the United States
Long titleAn 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
Acronyms(colloquial)AJCA
Enacted bythe108th United States Congress
Citations
Public lawPub. L.Tooltip Public Law (United States)108–357 (text)(PDF)
Statutes at Large118Stat.1418–1660
Codification
Acts amendedInternal Revenue Code of 1986
Legislative history

TheAmerican Jobs Creation Act of 2004(Pub. L.Tooltip Public Law (United States)108–357 (text)(PDF)) was a federaltax actthat repealed the export tax incentive (ETI), which had been declared illegal by theWorld Trade Organizationseveral times and sparkedretaliatory tariffsby theEuropean Union.[1]It also contained numeroustax creditsfor agricultural and business institutions as well as the repeal ofexcise taxeson both fuel and alcohol and the creation of tax credits forbiofuels.

The bill was introduced by RepresentativeBill Thomason June 4, 2004, passed theHouseJune 17, theSenateon July 15, and was signed by PresidentGeorge W. Bushon October 22.[2][3]

Summary of provisions[edit]

TheOffice of Tax Analysisof theUnited States Department of the Treasurysummarized the tax changes as follows:[4]

A report by theTax Policy Centeridentifies the following main provisions and their costs over a period of 10 years:[1]

  • 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

Another provision revised the definition of the term "covered expatriate" which sets net worth and income tax liability thresholds used to determine if a person who renounces his/her U.S. citizenship must pay anexpatriation tax.

See also[edit]

References[edit]

  1. ^abClausing, Kimberly A. (December 2004)."The American Jobs Creation Act of 2004: Creating Jobs for Accountants and Lawyers"(PDF).Urban-Brookings Tax Policy Center.Archived(PDF)from the original on 31 December 2010.Retrieved26 December2010.
  2. ^"Bill Summary & Status: Public Law No: 108-357".Library of Congress: Thomas. October 22, 2004. Archived fromthe originalon 3 July 2016.Retrieved26 December2010.
  3. ^"Bush quietly signs corporate tax-cut bill".NBC News.October 22, 2004.RetrievedJuly 6,2024.
  4. ^Jerry Tempalski (September 2006)."Revenue Effects of Major Tax Bills"(PDF).Office of Tax Analysis.United States Department of the Treasury.p. 12. Working Paper 81. Archived fromthe original(PDF)on November 22, 2010.Retrieved26 December2010.

External links[edit]

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