Legislation that turn out to be effective in October of 2004, which is developed to help multinational corporations, domestic manufacturers, and other entities, as well as the energy sector and agriculture. The American Jobs Creation Act of 2004 has almost over 270 provisions that give tax cuts in various areas but are also developed to increase substantial revenue over time.
The major provisions of the American Jobs Creation Act of 2004 are as under:
- Initiate a new tax deduction for producers
- Speed up depreciation for restaurant enhancements
- Significantly revise rules for S corporations
- Make simpler international taxation
- Offers tax relief for farmers
- Add to tax shelter penalties
- Make more strict rules for charitable donations of vehicles