AMERICAN JOBS CREATION ACT OF 2004
Legislation that became effective in October of 2004, which is designed to benefit domestic manufacturers, multinational corporations and other entities, as well as agriculture and the energy sector. The American Jobs Creation Act of 2004 has over 270 provisions that provide tax cuts in many areas but are also designed to raise substantial revenue over time.
The main provisions of the American Jobs Creation Act of 2004 are as follows:
- Introduce a new tax deduction for manufacturers
- Prolong advantaged Section 179 expensing for small businesses
- Accelerate depreciation for restaurant improvements
- Substantially revise rules for S corporations
- Simplify international taxation
- Provide tax relief for farmers
- Increase tax shelter penalties
- Create more stringent rules for charitable donations of vehicles