New "Jobs" Bill Proposes $155 Billion in Gross Relief

The American Jobs Creation Act of 2004 (H.R. 4520) proposes $155 billion in gross relief from 2004-2014 including tax cuts and pro-growth tax incentives for manufacturers, producers, farmers, and small corporations and reducing double taxation for U.S.-based companies engaged in exporting and/or manufacturing.

The bill would provide

• $12 billion in transition relief for ETI Act beneficiaries,
• $79 billion in tax relief from corporate tax rate cuts
• $14 billion for American job creation incentives for manufacturers, small businesses, and farmers
• $25 billion through tax reform and simplification provisions,
• $14 billion for extending expiring provisions,
• $3.6 billion for a deduction for state and local general sales taxes against federal taxes,
• $9.6 billion for market reforms for tobacco growers,

The bill also includes several provisions to combat fuel fraud (which have already passed the House) and many provisions from the President's budget to reduce tax avoidance, crack down on tax shelters and close tax loopholes. The bill also extends customs and IRS user fees, which are scheduled to expire this year.

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