3.0.0 3827 2023-01-15T09:47:45Z 2023-01-15T09:47:45Z House H HR 2004-02-25 108 hswm00 Ways and Means Committee House Standing Referred to 2004-02-25T15:00:20Z 2004-02-25 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2004-02-25 Introduced in House IntroReferral Intro-H 9 Library of Congress 2004-02-25 Introduced in House IntroReferral 1000 9 Library of Congress R000053 Rep. Rangel, Charles B. [D-NY-15] CHARLES RANGEL D NY B. 15 N Taxation Accounting Administrative fees Affiliated corporations Agricultural cooperatives Agriculture and Food Arts, Culture, Religion Capital gains tax Commerce Computer software Corporate debt Corporate mergers Corporate reorganizations Corporation taxes Crime and Law Enforcement Customs administration Depreciation and amortization Economics and Public Finance Export subsidies Farm produce Finance and Financial Sector Foreign Trade and International Finance Foreign corporations Government Operations and Politics Income tax Interest Losses Manufacturing industries Minimum tax Motion pictures Mutual funds Partnerships Pornography Science, Technology, Communications Small business Sound recording and reproducing Stockholders Stocks Subsidiary corporations Tax credits Tax deductions Tax evasion Tax exclusion Taxation of foreign income User charges Valuation Taxation 00 2004-02-25 Introduced in House 2004-04-01T13:46:49Z Permits a foreign corporation that elected to be treated as a domestic corporation to revoke such election and be treated as a domestic corporation transferring its property to a foreign corporation with no gain recognized on such transfer.

Provides: (1) a transitional 2004 through 2006 sliding-scale deduction for an FSC/ETI beneficiary based on the corporation's 2001 FSC/ETI benefit; and (2) special rules for 2004 and for fiscal year taxpayers. Defines "FSC/ETI benefit."

Allows a deduction for income attributable to U.S. production activities equal to ten percent of qualified production activities. Provides a 2004 through 2007 phase-in period. Defines "qualified production activities income" as the product of: (1) the portion of the modified taxable income attributable to domestic activities; and (2) the domestic/ worldwide fraction.

Sets forth related provisions with respect to: (1) determination of income attributable to domestic production activities; (2) domestic production gross receipts; (3) qualifying production property; (4) the domestic/worldwide fraction; and (5) special rules.

Amends the Jobs and Growth Tax Relief Reconciliation Act of 2003 to extend, from 2006 to 2008, the provisions allowing for increased expensing of small business assets.

Amends certain tax shelter provisions of the Internal Revenue Code to: (1) place limits on the transfer or importation by a corporation of built-in losses; (2) prohibit allocation of any decrease in the adjusted basis of partnership property to stock in a corporation that is a partner in such partnership; (3) repeal special rules for financial asset securitization investment trusts (FASITS); (4) expand the definition of a disqualified debt instrument for purposes of the disallowance of interest deductions on certain corporate debt instruments, (5) expand the authority of the Secretary of the Treasury to disallow tax benefits derived from stock transfers designed to evade taxes; and (6) modify certain rules relating to tax treatment of income of passive foreign investment companies. Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) to extend provisions imposing fees for certain customs services through FY 2006 and fees for processing of merchandise through FY 2013.]]>

Job Protection Act of 2004 Display Title Job Protection Act of 2004 Official Title as Introduced To amend the Internal Revenue Code of 1986 to protect American jobs. Introduced in House IH Short Titles as Introduced Job Protection Act of 2004 Introduced in House 2004-02-25T05:00:00Z 2004-02-25 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.