Compliance October 29, 2003

House Committee Approves Jobs Creation Bill

October 29, 2003 (PLANSPONSOR.com)—With a vote of 24 to 15, the House Ways and Means Committee moved the bill HR 2896, the American Jobs Creation Act of 2003, to the full House for a vote.
Reported by

>The bill, sponsored by Representative Bill Thomas (R-California), Chairman of the Ways and Means Committee, hopes to generate jobs through tax reform.   It regulates nonqualified deferred compensation plans (See  Thomas Bill Includes New Corporate Tax Structure).  

According to a press release, the bill includes provisions to:

  • reduce the tax rate for US producers and manufacturers from 35% to 32%
  • implement a rate cut across the board for all C-corporations with less than $20 million in taxable income
  • expand the size of companies exempt from the corporate Alternative Minimum Tax (AMT) from $7.5 million of gross receipts up to $20 million
  • repeal the Foreign Sales Corporation-Extraterritorial Income (FSC-ETI) tax regime to head off $4 billion in tariffs against US goods.

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