Oct. 21, 2004 [S. 2742] 28 USC 1 note. Public Law 108-356 108th Congress An Act To extend certain authority of the Supreme Court Police, modify the venue of prosecutions relating to the Supreme Court building and grounds, and authorize the acceptance of gifts to the United States Supreme Court. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. EXTENSION OF AUTHORITY FOR THE UNITED STATES Section 6121(b)(2) of title 40, United States Code, is amended by striking "2004" and inserting "2008". SEC. 2. VENUE FOR PROSECUTIONS RELATING TO THE UNITED STATES SUPREME COURT BUILDING AND GROUNDS. Section 6137 of title 40, United States Code, is amended by striking subsection (b) and inserting the following: "(b) VENUE AND PROCEDURE.-Prosecution for a violation described in subsection (a) shall be in the United States District Court for the District of Columbia or in the Superior Court of the District of Columbia, on information by the United States Attorney or an Assistant United States Attorney.". SEC. 3. GIFTS TO THE UNITED STATES SUPREME COURT. The Chief Justice or his designee is authorized to accept, hold, administer, and utilize gifts and bequests of personal property pertaining to the history of the United States Supreme Court or its justices, but gifts or bequests of money shall be covered into the Treasury. Approved October 21, 2004. LEGISLATIVE HISTORY—S. 2742: Oct. 22, 2004 [H.R. 4520] American Jobs Creation Act of 2004. 26 USC 1 note. Public Law 108-357 108th Congress An Act To amend the Internal Revenue Code of 1986 to remove impediments in such Be it enacted by the Senate and House of Representatives of 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- 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 Subtitle C-Community Revitalization Sec. 221. Modification of targeted areas and low-income communities for new mar- Sec. 222. Expansion of designated renewal community area based on 2000 census Sec. 223. Modification of income requirement for census tracts within high migra- 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. 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 Sec. 237. Exclusion of investment securities income from passive income test for bank S corporations. Sec. 238. Relief from inadvertently invalid qualified subchapter S subsidiary elections and terminations. Sec. 239. Information returns for qualified subchapter S subsidiaries. Subtitle E-Other Business Incentives Sec. 241. Phaseout of 4.3-cent motor fuel excise taxes on railroads and inland waterway transportation which remain in general fund. Sec. 242. Modification of application of income forecast method of depreciation. Sec. 244. Special rules for certain film and television productions. Sec. 245. Credit for maintenance of railroad track. Sec. 246. Suspension of occupational taxes relating to distilled spirits, wine, and beer. Sec. 247. Modification of unrelated business income limitation on investment in certain small business investment companies. Sec. 248. Election to determine corporate tax on certain international shipping activities using per ton rate. Subtitle F-Stock Options and Employee Stock Purchase Plan Stock Options Sec. 251. Exclusion of incentive stock options and employee stock purchase plan stock options from wages. TITLE III-TAX RELIEF FOR AGRICULTURE AND SMALL MANUFACTURERS Subtitle A-Volumetric Ethanol Excise Tax Credit Sec. 301. Alcohol and biodiesel excise tax credit and extension of alcohol fuels income tax credit. Sec. 302. Biodiesel income tax credit. Sec. 303. Information reporting for persons claiming certain tax benefits. Subtitle B-Agricultural Incentives Sec. 311. Special rules for livestock sold on account of weather-related conditions. Sec. 312. Payment of dividends on stock of cooperatives without reducing patronage dividends. Sec. 313. Apportionment of small ethanol producer credit. Sec. 314. Coordinate farmers and fishermen income averaging and the alternative minimum tax. Sec. 315. Capital gain treatment under section 631(b) to apply to outright sales by landowners. Sec. 316. Modification to cooperative marketing rules to include value added processing involving animals. Sec. 317. Extension of declaratory judgment procedures to farmers' cooperative organizations. Sec. 318. Certain expenses of rural letter carriers. Sec. 319. Treatment of certain income of cooperatives. Sec. 320. Exclusion for payments to individuals under National Health Service Corps loan repayment program and certain State loan repayment programs. Sec. 321. Modification of safe harbor rules for timber REITs. Sec. 322. Expensing of certain reforestation expenditures. Subtitle C-Incentives for Small Manufacturers Sec. 331. Net income from publicly traded partnerships treated as qualifying income of regulated investment companies. Sec. 332. Simplification of excise tax imposed on bows and arrows. Sec. 333. Reduction of excise tax on fishing tackle boxes. Sec. 334. Sonar devices suitable for finding fish. Sec. 335. Charitable contribution deduction for certain expenses incurred in support of Native Alaskan subsistence whaling. Sec. 336. Modification of depreciation allowance for aircraft. Sec. 337. Modification of placed in service rule for bonus depreciation property. Sec. 338. Expensing of capital costs incurred in complying with Environmental Protection Agency sulfur regulations. Sec. 339. Credit for production of low sulfur diesel fuel. Sec. 340. Expansion of qualified small-issue bond program. Sec. 341. Oil and gas from marginal wells. TITLE IV-TAX REFORM AND SIMPLIFICATION FOR UNITED STATES BUSINESSES Sec. 401. Interest expense allocation rules. Sec. 402. Recharacterization of overall domestic loss. Sec. 403. Look-thru rules to apply to dividends from noncontrolled section 902 corporations. Sec. 404. Reduction to 2 foreign tax credit baskets. Sec. 405. Attribution of stock ownership through partnerships to apply in deter- Sec. 406. Clarification of treatment of certain transfers of intangible property. Sec. 408. Translation of foreign taxes. Sec. 409. Repeal of withholding tax on dividends from certain foreign corporations. porations. Sec. 411. Treatment of certain dividends of regulated investment companies. Sec. 413. Repeal of foreign personal holding company rules and foreign investment Sec. 414. Determination of foreign personal holding company income with respect Sec. 415. Modifications to treatment of aircraft leasing and shipping income. Sec. 420. Limitation of withholding tax for Puerto Rico corporations. Sec. 421. Foreign tax credit under alternative minimum tax. Sec. 422. Incentives to reinvest foreign earnings in United States. Sec. 423. Delay in effective date of final regulations governing exclusion of income from international operation of ships or aircraft. Sec. 424. Study of earnings stripping provisions. TITLE V-DEDUCTION OF STATE AND LOCAL GENERAL SALES TAXES Sec. 501. Deduction of State and local general sales taxes in lieu of State and local income taxes. TITLE VI-FAIR AND EQUITABLE TOBACCO REFORM Sec. 601. Short title. Subtitle A-Termination of Federal Tobacco Quota and Price Support Programs Sec. 611. Termination of tobacco quota program and related provisions. Sec. 612. Termination of tobacco price support program and related provisions. Sec. 614. Continuation of liability for 2004 and earlier crop years. Subtitle B-Transitional Payments to Tobacco Quota Holders and Producers of Sec. 641. Treatment of tobacco loan pool stocks and outstanding loan costs. Sec. 643. Effective date. TITLE VII-MISCELLANEOUS PROVISIONS Sec. 701. Brownfields demonstration program for qualified green building and sustainable design projects. Sec. 702. Exclusion of gain or loss on sale or exchange of certain brownfield sites from unrelated business taxable income. Sec. 703. Civil rights tax relief. Sec. 704. Modification of class life for certain track facilities. Sec. 705. Suspension of policyholders surplus account provisions. Sec. 706. Certain Alaska natural gas pipeline property treated as 7-year property. |