118 STAT. 1418 PUBLIC LAW 108–357—OCT. 22, 2004 Public Law 108–357 108th Congress An Act To amend the Internal Revenue Code of 1986 to remove impediments in such Code and make our manufacturing, service, and high technology businesses and workers more competitive and productive both at home and abroad. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE; ETC. (a) SHORT TITLE.—This Act may be cited as the ‘‘American Jobs Creation Act of 2004’’. (b) AMENDMENT OF 1986 CODE.—Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. (c) TABLE OF CONTENTS.—The table of contents of this Act is as follows: Sec. 1. Short title; etc. TITLE I—PROVISIONS RELATING TO REPEAL OF EXCLUSION FOR EXTRATERRITORIAL INCOME Sec. 101. Repeal of exclusion for extraterritorial income. Sec. 102. Deduction relating to income attributable to domestic production activi ties. TITLE II—BUSINESS TAX INCENTIVES Subtitle A—Small Business Expensing Sec. 201. 2 year extension of increased expensing for small business. Subtitle B—Depreciation Sec. 211. Recovery period for depreciation of certain leasehold improvements and restaurant property. Subtitle C—Community Revitalization Sec. 221. Modification of targeted areas and low income communities for new mar kets tax credit. Sec. 222. Expansion of designated renewal community area based on 2000 census data. Sec. 223. Modification of income requirement for census tracts within high migra tion rural counties. Subtitle D—S Corporation Reform and Simplification Sec. 231. Members of family treated as 1 shareholder. Sec. 232. Increase in number of eligible shareholders to 100. Sec. 233. Expansion of bank S corporation eligible shareholders to include IRAs. Sec. 234. Disregard of unexercised powers of appointment in determining potential current beneficiaries of ESBT. Sec. 235. Transfer of suspended losses incident to divorce, etc. Sec. 236. Use of passive activity loss and at risk amounts by qualified subchapter S trust income beneficiaries. 26 USC 1 note. American Jobs Creation Act of 2004. Oct. 22, 2004 [H.R. 4520]
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