SECTION 1. SHORT TITLE; ETC.
(a) SHORT TITLE.—This Act may be cited as the
‘‘American Jobs Creation Act of 2004’’.
(b) AMENDMENT OF 1986 CODE.—Except as other-
wise expressly provided, whenever in this Act an amend-
ment or repeal is expressed in terms of an amendment
to, or repeal of, a section or other provision, the reference
shall be considered to be made to a section or other provi-
sion of the Internal Revenue Code of 1986.
(c) TABLE OF CONTENTS.—The table of contents of
this Act is as follows:
TITLE I—PROVISIONS RELATING TO REPEAL OF EXCLUSION FOR
Sec. 101. Repeal of exclusion for extraterritorial income.
Sec. 102. Deduction relating to income attributable to domestic production ac-
TITLE II—BUSINESS TAX INCENTIVES
Subtitle A—Small Business Expensing
Sec. 201. 2-year extension of increased expensing for small business.
Sec. 211. Recovery period for depreciation of certain leasehold improvements
and restaurant property.
Subtitle C—Community Revitalization
Sec. 221. Modification of targeted areas and low-income communities for new
markets tax credit.
Sec. 222. Expansion of designated renewal community area based on 2000 cen-
Sec. 223. Modification of income requirement for census tracts within high mi-
gration rural counties.
Subtitle D—S Corporation Reform and Simplification
Sec. 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
October 7, 2004 (8:47 AM)
Sec. 234. Disregard of unexercised powers of appointment in determining po-
tential current 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 sub-
chapter S trust income beneficiaries.
Sec. 237. Exclusion of investment securities income from passive income test