118 STAT. 1418PUBLIC LAW 108–357—OCT. 22, 2004
Public Law 108–357108th Congress An Act
To amend the Internal Revenue Code of 1986 to remove impediments in suchCode and make our manufacturing, service, and high-technology businesses andworkers more competitive and productive both at home and abroad.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled
SECTION 1. SHORT TITLE; ETC.
.—This Act may be cited as the ‘‘AmericanJobs Creation Act of 2004’’.(b) A
.—Except as otherwise expresslyprovided, whenever in this Act an amendment or repeal is expressedin terms of an amendment to, or repeal of, a section or otherprovision, the reference shall be considered to be made to a sectionor other provision of the Internal Revenue Code of 1986.(c) T
.—The table of contents of this Actis as follows:
Sec.1.Short title; etc.TITLE I—PROVISIONS RELATING TO REPEAL OF EXCLUSION FOREXTRATERRITORIAL INCOMESec.101.Repeal of exclusion for extraterritorial income.Sec.102.Deduction relating to income attributable to domestic production activi-ties.TITLE II—BUSINESS TAX INCENTIVESSubtitle A—Small Business ExpensingSec.201.2-year extension of increased expensing for small business.Subtitle B—DepreciationSec.211.Recovery period for depreciation of certain leasehold improvements andrestaurant property.Subtitle C—Community RevitalizationSec.221.Modification of targeted areas and low-income communities for new mar-kets tax credit.Sec.222.Expansion of designated renewal community area based on 2000 censusdata.Sec.223.Modification of income requirement for census tracts within high migra-tion rural counties.Subtitle D—S Corporation Reform and SimplificationSec.231.Members of family treated as 1 shareholder.Sec.232.Increase in number of eligible shareholders to 100.Sec.233.Expansion of bank S corporation eligible shareholders to include IRAs.Sec.234.Disregard of unexercised powers of appointment in determining potentialcurrent beneficiaries of ESBT.Sec.235.Transfer of suspended losses incident to divorce, etc.Sec.236.Use of passive activity loss and at-risk amounts by qualified subchapterS trust income beneficiaries.
26 USC 1 note. American JobsCreation Act of 2004.Oct. 22, 2004[H.R. 4520]
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