Jumpstart Our Business Strength (JOBS) Act

Summary

Jumpstart Our Business Strength (JOBS) Act - Amends the Internal Revenue Code to repeal section 114 (Extraterritorial Income) which excludes from gross income extraterritorial income. Permits a corporation a limited deduction for qualified production activities (expenses attributable to domestic production activities). Allows a 20 year foreign tax credit carryforward. Revises provisions concerning the application of look-thru rules to dividends from noncontrolled section 902 corporations. Adds provisions providing for the recharacterization of overall domestic loss. Permits a worldwide affiliated group to have the taxable income of each domestic corporation which is a member of such group to be determined by allocating and apportioning interest expense of each member as if all members of such group were a single corporation. Revises provisions concerning foreign personal holding income with respect to commodity transactions. Repeals provisions relating to: (1) foreign personal holding companies; (2) gain on foreign investment company stock; (3) the election by foreign investment companies to distribute income currently; (4) the withholding tax on dividends from certain foreign corporations; and (5) the capital gains tax on aliens present in the United States for 183 days or more. Exempts a foreign corporation from the definition of a personal holding company.

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Documents

9 official files

• Engrossed in Senate (text)

  Engrossed in Senate · EN · 11 May 2004

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• Engrossed in Senate (PDF)

  Engrossed in Senate · EN · 11 May 2004

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• Passed Senate amended

  summary · EN · 11 May 2004

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• Reported to Senate (text)

  Reported to Senate · EN · 7 November 2003

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• Reported to Senate (PDF)

  Reported to Senate · EN · 7 November 2003

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• Reported to Senate with amendment(s)

  summary · EN · 7 November 2003

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• Introduced in Senate (text)

  Introduced in Senate · EN · 18 September 2003

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 18 September 2003

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• Introduced in Senate

  summary · EN · 18 September 2003

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