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PL 108-357 American Jobs Creation (JOBS) Act of 2004

PL 108-357 American Jobs Creation (JOBS) Act of 2004

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Full text of American Jobs Creation (JOBS) Act of 2004
Full text of American Jobs Creation (JOBS) Act of 2004

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Published by: Tax History on Dec 30, 2009
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PUBLIC LAW 108–357—OCT. 22, 2004
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118 STAT. 1418PUBLIC LAW 108357OCT. 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
(a) S
.—This Act may be cited as the ‘‘AmericanJobs Creation Act of 2004’’.(b) A
1986 C
.—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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118 STAT. 1419PUBLIC LAW 108–357—OCT. 22, 2004
Sec.237.Exclusion of investment securities income from passive income test forbank S corporations.Sec.238.Relief from inadvertently invalid qualified subchapter S subsidiary elec-tions and terminations.Sec.239.Information returns for qualified subchapter S subsidiaries.Sec.240.Repayment of loans for qualifying employer securities.Subtitle E—Other Business IncentivesSec.241.Phaseout of 4.3-cent motor fuel excise taxes on railroads and inland wa-terway transportation which remain in general fund.Sec.242.Modification of application of income forecast method of depreciation.Sec.243.Improvements related to real estate investment trusts.Sec.244.Special rules for certain film and television productions.Sec.245.Credit for maintenance of railroad track.Sec.246.Suspension of occupational taxes relating to distilled spirits, wine, andbeer.Sec.247.Modification of unrelated business income limitation on investment incertain small business investment companies.Sec.248.Election to determine corporate tax on certain international shipping ac-tivities using per ton rate.Subtitle F—Stock Options and Employee Stock Purchase Plan Stock OptionsSec.251.Exclusion of incentive stock options and employee stock purchase planstock options from wages.TITLE III—TAX RELIEF FOR AGRICULTURE AND SMALL MANUFACTURERSSubtitle A—Volumetric Ethanol Excise Tax CreditSec.301.Alcohol and biodiesel excise tax credit and extension of alcohol fuels in-come tax credit.Sec.302.Biodiesel income tax credit.Sec.303.Information reporting for persons claiming certain tax benefits.Subtitle B—Agricultural IncentivesSec.311.Special rules for livestock sold on account of weather-related conditions.Sec.312.Payment of dividends on stock of cooperatives without reducing patronagedividends.Sec.313.Apportionment of small ethanol producer credit.Sec.314.Coordinate farmers and fishermen income averaging and the alternativeminimum tax.Sec.315.Capital gain treatment under section 631(b) to apply to outright sales bylandowners.Sec.316.Modification to cooperative marketing rules to include value added proc-essing involving animals.Sec.317.Extension of declaratory judgment procedures to farmers’ cooperative or-ganizations.Sec.318.Certain expenses of rural letter carriers.Sec.319.Treatment of certain income of cooperatives.Sec.320.Exclusion for payments to individuals under National Health ServiceCorps loan repayment program and certain State loan repayment pro-grams.Sec.321.Modification of safe harbor rules for timber REITs.Sec.322.Expensing of certain reforestation expenditures.Subtitle C—Incentives for Small ManufacturersSec.331.Net income from publicly traded partnerships treated as qualifying in-come of regulated investment companies.Sec.332.Simplification of excise tax imposed on bows and arrows.Sec.333.Reduction of excise tax on fishing tackle boxes.Sec.334.Sonar devices suitable for finding fish.Sec.335.Charitable contribution deduction for certain expenses incurred in sup-port of Native Alaskan subsistence whaling.Sec.336.Modification of depreciation allowance for aircraft.Sec.337.Modification of placed in service rule for bonus depreciation property.Sec.338.Expensing of capital costs incurred in complying with Environmental Pro-tection Agency sulfur regulations.Sec.339.Credit for production of low sulfur diesel fuel.Sec.340.Expansion of qualified small-issue bond program.Sec.341.Oil and gas from marginal wells.TITLE IV—TAX REFORM AND SIMPLIFICATION FOR UNITED STATESBUSINESSESSec.401.Interest expense allocation rules.
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