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United States · Bill · S

S. 1637 (108th)

Jumpstart Our Business Strength (JOBS) Act

openUnited States· United States Congress· EN

Introduced

18 September 2003

Last action

15 July 2004 · Floor

Status

See also H.R. 4520.

Sponsors

Sen. Grassley, Chuck [R-IA], Sen. Baucus, Max [D-MT], Sen. Hatch, Orrin G. [R-UT], Sen. Graham, Bob [D-FL], Sen. Smith, Gordon H. [R-OR], Sen. Murray, Patty [D-WA], Sen. Daschle, Thomas A. [D-SD], Sen. Kerry, John F. [D-MA], Sen. Cantwell, Maria [D-WA], Sen. Chafee, Lincoln [R-RI]

Subjects

Taxation

Source updated

7 April 2025

Taxation

Official sourceDownload fileView documentsShare

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 18 September 2003

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 18 September 2003

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 2 October 2003

    Reported

    Committee on Finance. Ordered to be reported with an amendment in the nature of a substitute favorably.

    Source: Committee

  4. 7 November 2003

    Calendars

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 381.

    Source: Calendars

  5. 7 November 2003

    Reported

    Committee on Finance. Reported by Senator Grassley with an amendment in the nature of a substitute. With written report No. 108-192. Additional and Minority views filed.

    Source: Committee

  6. 7 November 2003

    Reported

    Committee on Finance. Reported by Senator Grassley with an amendment in the nature of a substitute. With written report No. 108-192. Additional and Minority views filed.

    Source: Committee

  7. 3 March 2004

    Reported

    Measure laid before Senate. (consideration: CR S2025-2102; text of measure as reported in Senate: CR S2025-2663)

    Source: Floor

  8. 4 March 2004

    Floor

    Considered by Senate. (consideration: CR S2188-2210, S2211-2217)

    Source: Floor

  9. 22 March 2004

    Floor

    Considered by Senate. (consideration: CR S2842-2846, S2848-2850, S2851-2853)

    Source: Floor

  10. 23 March 2004

    Floor

    Considered by Senate. (consideration: CR S2958-2984)

    Source: Floor

  11. 24 March 2004

    Floor

    Considered by Senate. (consideration: CR S3060-3070, S3071, S3072-3076, S3082-3092)

    Source: Floor

  12. 5 April 2004

    Floor

    Motion by Senator McConnell to recommit to Senate Committee on Finance with instructions that the Committee report forthwith with the following amendment (SA 2886) withdrawn in Senate. (consideration: CR S3628)

    Source: Floor

  13. 7 April 2004

    Vote

    Second cloture on the motion to recommit not invoked in Senate by Yea-Nay Vote. 50 - 47. Record Vote Number: 67. (consideration: CR S3894-3895)

    Source: Floor

  14. 8 April 2004

    Floor

    Considered by Senate. (considered by unanimous consent agreement: CR S4008-4009)

    Source: Floor

  15. 8 April 2004

    Reported

    Committee on Finance. Reported by Senator Grassley with an amendment in the nature of a substitute (Amendment SA 3011) pursuant to the instructions of the motion to recommit.

    Source: Committee

  16. 8 April 2004

    Reported

    Committee on Finance. Reported by Senator Grassley with an amendment in the nature of a substitute (Amendment SA 3011) pursuant to the instructions of the motion to recommit.

    Source: Committee

  17. 3 May 2004

    Floor

    Considered by Senate. (consideration: CR S4737-4761)

    Source: Floor

  18. 4 May 2004

    Floor

    Considered by Senate. (consideration: CR S4787-4794, S4794-4822)

    Source: Floor

  19. 5 May 2004

    Floor

    Considered by Senate. (consideration: CR S4861-4897)

    Source: Floor

  20. 7 May 2004

    Floor

    Considered by Senate. (consideration: CR S5044-5047)

    Source: Floor

  21. 11 May 2004

    Floor

    Considered by Senate. (consideration: CR S5179-5190, S5191-5218)

    Source: Floor

  22. 11 May 2004

    Vote

    Passed/agreed to in Senate: Passed Senate with an amendment by Yea-Nay Vote. 92 - 5. Record Vote Number: 91.

    Source: Floor

  23. 15 July 2004

    Floor

    See also H.R. 4520.

    Source: Floor

Votes

11 May 2004 · Bill Passed · On Passage of the Bill S. 1637 · Bill Passed · Official source

Yes 92 · No 5 · Abstain — · Absent/not voting 3

Showing the first 4 recorded positions. Vote totals above are complete.

7 April 2004 · Cloture Motion Rejected · On the Cloture Motion S. 1637 · Cloture Motion Rejected · Official source

Yes 50 · No 47 · Abstain — · Absent/not voting 3

Showing the first 4 recorded positions. Vote totals above are complete.

Versions

Documents

9 official files

Engrossed in Senate (text)

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  • 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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Sponsors

Related records

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