(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.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Mr. Portman moved to suspend the rules and pass the bill.
Considered under suspension of the rules. (consideration: CR H6475-6483)
DEBATE - The House proceeded with forty minutes of debate on H.R. 4840.
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.
Considered as unfinished business. (consideration: CR H6497)
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)
Roll Call #405 (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)
Roll Call #405 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate.
Read twice and referred to the Committee on Finance.
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