Tax Simplification for America's Job Creators Act of 2004

Bill: 108-hr-4840
Sponsor: Rep. Crane, Philip M. [R-IL-8]
Introduced: 2004-07-15 in the House
Policy area: Taxation
Subjects: Accounting
Commerce
Corporation taxes
Cost of living adjustments
Depreciation and amortization
Economics and Public Finance
Finance and Financial Sector
Income tax
Indexing (Economic policy)
Small business
Tax deductions
Tax simplification

Summary:
action_date: 2004-07-15
text: 
Tax Simplification for America's Job Creators Act of 2004 - Amends the Internal Revenue Code to extend for two additional years (through 2007): (1) the increased expensing (up to $100,000) of small business assets; (2) the increase (to $400,000) in the cost limitation for property eligible for expensing; and (3) the inflation adjustments for the increased expensing amount and the limitation amount.
 
Allows an inflation adjustment, beginning in 2004, of the $5 million gross receipts test amount used to determine eligibility for the cash method of accounting.
 
Repeals or amends certain expired or inoperative provisions of the Code. Enacts a savings provision to prevent changes in tax liability resulting from repeals or amendments made by this Act for periods ending after its enactment date.

action_date: 2004-07-21
text: 

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

 
Tax Simplification for America's Job Creators Act of 2004 - Amends the Internal Revenue Code to extend for two additional years (through 2007): (1) the increased expensing (up to $100,000) of small business assets; (2) the increase (to $400,000) in the cost limitation for property eligible for expensing; and (3) the inflation adjustments for the increased expensing amount and the limitation amount.
 
Allows an inflation adjustment, beginning in 2004, of the $5 million gross receipts test amount used to determine eligibility for the cash method of accounting.
 
Repeals or amends certain expired or inoperative provisions of the Internal Revenue Code. Enacts a savings provision to prevent changes in tax liability resulting from repeals or amendments made by this Act for periods ending after the date of enactment of this Act.


Legislative actions:
action_date: 2004-09-07
text: Read twice and referred to the Committee on Finance.
action_date: 2004-07-22
text: Received in the Senate.
action_date: 2004-07-21
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2004-07-21
text: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 424 - 0 (Roll no. 405). (text: CR H6475-6477)
action_date: 2004-07-21
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 424 - 0 (Roll no. 405).(text: CR H6475-6477)
action_date: 2004-07-21
text: Considered as unfinished business. (consideration: CR H6497)
action_date: 2004-07-21
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2004-07-21
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 4840.
action_date: 2004-07-21
text: Considered under suspension of the rules. (consideration: CR H6475-6483)
action_date: 2004-07-21
text: Mr. Portman moved to suspend the rules and pass the bill.
action_date: 2004-07-15
text: Referred to the House Committee on Ways and Means.
action_date: 2004-07-15
text: Introduced in House
action_date: 2004-07-15
text: Introduced in House