American Jobs Creation Act of 2004 (P.L. 108-357) (Title VI--Fair and Equitable Tobacco Reform Act of 2004)

The American Jobs Creation Act of 2004 amended the Internal Revenue Code of 1986 to repeal the exclusion for extraterritorial income, to phase out, extend, or modify provisions for business tax incentives, to provide tax relief for agriculture and small manufacturers, and to reform or simplify provisons for United States businesses involved with foreign corporations. The act also allowed taxpayers to deduct state and local general sales taxes in lieu of state and local income taxes. Miscellaneous provisions amended the code provisions for brownfield projects, bond sales, the Alaskan natural gas industry, and energy production. Amended revenue provisions regulated tax avoidance through individual and corporate expatriation and tax shelter transactions. The act amended specific provisions for the tax treatment of stock, bond, and property transactions, permitted taxpayers to make a cash deposit to suspend the running of interest on potential underpayment of tax, authorized the IRS to enter into partial payment installment agreements with taxpayers, and modified leasing and fuel tax provisions. It also authorized private collection of delinquent taxes, revised reporting requirements for noncash charitable contributions, and modified straddle rules among other amendments.