American Jobs Creation Act of 2004 explained

American Jobs Creation Act of 2004
Fullname: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
Acronym:AJCA
Enacted By:108th
Cite Statutes At Large:–1660
Acts Amended:Internal Revenue Code of 1986
Leghisturl:http://thomas.loc.gov/cgi-bin/bdquery/z?d108:HR04520:@@@S
Introducedin:House
Introducedby:Bill Thomas (R-CA)
Introduceddate:June 4, 2004
Committees:House Ways and Means
Passedbody1:House
Passeddate1:June 17, 2004
Passedvote1:251–178
Passedbody2:Senate
Passedas2:"Jumpstart Our Business Strength (JOBS) Act"
Passeddate2:July 15, 2004
Passedvote2:voice vote
Conferencedate:October 7, 2004
Passedbody3:House
Passeddate3:October 7, 2004
Passedvote3:280–141
Passedbody4:Senate
Passeddate4:October 11, 2004
Passedvote4:69–17, 1 present
Signedpresident:George W. Bush
Signeddate:October 22, 2004

The American Jobs Creation Act of 2004 was a federal tax act that repealed the export tax incentive (ETI), which had been declared illegal by the World Trade Organization several times and sparked retaliatory tariffs by the European Union. It also contained numerous tax credits for agricultural and business institutions as well as the repeal of excise taxes on both 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] [2]

Summary of provisions

The Office of Tax Analysis of the United States Department of the Treasury summarized the tax changes as follows:[3]

A report by the Tax Policy Center identifies the following main provisions and their costs over a period of 10 years:[4]

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 an expatriation tax.

See also

External links

Notes and References

  1. Web site: Bill Summary & Status: Public Law No: 108-357 . October 22, 2004 . 26 December 2010 . Library of Congress: Thomas . 3 July 2016 . https://web.archive.org/web/20160703234410/http://thomas.loc.gov/cgi-bin/bdquery/z?d108:HR04520:@@@R .
  2. Web site: Bush quietly signs corporate tax-cut bill. NBC News. October 22, 2004. July 6, 2024.
  3. Web site: Jerry Tempalski . Office of Tax Analysis . . Revenue Effects of Major Tax Bills . September 2006 . Working Paper 81 . 12 . 26 December 2010 . https://web.archive.org/web/20101122024120/http://www.ustreas.gov/offices/tax-policy/library/ota81.pdf . November 22, 2010 .
  4. Web site: Clausing, Kimberly A. . Urban-Brookings Tax Policy Center . The American Jobs Creation Act of 2004: Creating Jobs for Accountants and Lawyers. December 2004. 26 December 2010. https://web.archive.org/web/20101231024756/http://www.taxpolicycenter.org/UploadedPDF/311122_AmericanJobsAct.pdf. 31 December 2010 . live.