American Jobs Creation Act Of 2004

The American Jobs Creation Act of 2004 implemented a range of tax breaks for U.S. manufacturers and other business entities. One objective of the American Jobs Creation Act of 2004 was to promote trade by repealing the tax exclusion for extraterritorial income. To cushion the effect of the repeal, the American Jobs Creation Act of 2004 allowed exporters to claim an 80% tax exclusion in 2005 and a 60% exclusion in 2006. Other sections of the American Jobs Creation Act of 2004 extended the expensing of small business assets and revised a number of tax rules for S corporations. In energy and agriculture, the American Jobs Creation Act of 2004 extended a tax credit through 2010 on alcohol used as fuel and created a temporary tax credit on biodiesel fuel through 2006. The American Jobs Creation Act of 2004 also repealed the 4.3 cents per gallon excise tax on fuel used in trains and barges, and from 2005-2008 the American Jobs Creation Act of 2004 suspended the occupational tax on distilled spirits, wine, and beer.