American Jobs Creation Act of 2003

Summary

American Jobs Creation Act of 2003 - Amends the Internal Revenue Code, with respect to corporate reform, to, among other things: (1) reduce the tax rate for smaller corporations and revise the rate for corporations with taxable income over $10 million; (2) extend and modify the research credit; (3) provide for a temporary deduction by U.S. shareholders for dividends received from controlled foreign corporations; (4) extend for two years the increased expensing provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 and extend for one year the bonus depreciation provisions of such Act; (5) permit a five carryback of net operating losses for 2003; (6) provide alternative minimum tax relief; (7) revise S corporation provisions, including permitting up to 100 shareholders; (8) revise employee benefit provisions, including excluding from social security taxes certain stock options; (9) revise rules concerning foreign base company income and repealing provisions, including those concerning foreign personal holding companies, foreign investment company stock, and the election by foreign investment companies to distribute income currently; and (10) revise provisions concerning taxation of corporate earnings, including permitting the allocation and apportionment of interest expense of each domestic corporation which is a member of a worldwide affiliated group as if all members of such group were a single corporation, allowing for a ten year foreign tax credit carryforward, and repealing the withholding tax on dividends paid by a foreign corporation which are teated as income from U.S. sources. Sets forth provisions to reduce tax avoidance through corporate earnings strippings and expatriation, including establishing an excise tax on stock compensation of insiders in expatriated corporations. Establishes, increases, and modifies penalties relating to tax avoidance through tax shelters, including establishing a penalty for failure to disclose a reportable transaction, establishing an accuracy-related penalty, and establishing certain requirements for material advisers. Sets forth other related provisions including, providing for the treatment of property contributed to a partnership with a built-in loss and permitting the adjustment to the basis of undistributed partnership property if there is a substantial basis reduction, repealing part V (Financial Asset Securitization Investment Trusts) of subchapter M (Regulated Investment Companies and Real Estate Investment Trusts), and permitting the Secretary of the Treasury to enter into qualified tax collection contracts. Sets forth trade related provisions, including repealing section 114 (Extrateritorial Income) which excludes from gross income extraterritorial income and amending COBRA (Consolidated Omnibus Reconciliation Act of 1985) with respect to customs services fees.

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Documents

6 official files

• Reported in House (text)

  Reported in House · EN · 21 November 2003

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• Reported in House (PDF)

  Reported in House · EN · 21 November 2003

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• Reported to House with amendment(s)

  summary · EN · 21 November 2003

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• Introduced in House (text)

  Introduced in House · EN · 25 July 2003

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• Introduced in House (PDF)

  Introduced in House · EN · 25 July 2003

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• Introduced in House

  summary · EN · 25 July 2003

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