Bush Signs Jobs Creation Act Into Law

Friday, October 22, 2004 - 1:45am

President George W. Bush today signed into law H.R. 4520, the “American Jobs Creation Act of 2004,” which contains provisions to enhance community revitalization incentives in economically distressed regions by enhancing eligibility criteria for Renewal Communities and the New Markets Tax Credit (NMTC). However, despite some progress earlier this year, housing provisions including a repeal of the mortgage revenue bond 10-Year Rule were dropped prior to its passage by Congress. The new law also repeals the extraterritorial income exclusion in current tax law; provides domestic manufacturing and other business tax relief, including energy-related tax credits; allows for itemized deduction of state and local sales taxes; provides for reform of tobacco subsidies; includes international tax reform and simplification provisions; and includes various revenue-raising provisions. Click here for a copy of H.R. 4520.