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ez Explanations

American Jobs Creation Act

RegSenseezExplanationRecruiting and hiringRecruiting and hiringBest ResultsUSAEnglishFocus AreaTalent Management & RecruitingHuman Resources

The American Jobs Creation Act (AJCA) of 2004 was signed into law on October 22, 2004, enacting the first major tax law changes since 1986. The AJCA, as with most other tax laws, did not simplify the tax code; it includes 173 Act Provisions and 274 Code Amendments. Most businesses will need the services of a qualified tax professional to understand how to take advantage of the tax breaks for which they may be eligible. The AJCA will be fully phased-in by 2010.

Scope

Businesses need to stay abreast of the latest tax laws (or at least their tax professionals do) in order to take advantage of the new tax breaks. HR professionals, especially, need to pay attention to how changes in the tax code will affect their employees.

Regulatory citations

  • None

Key definitions

  • None

Summary of requirements

The AJCA was intended to offer tax breaks to specific American industries to spur reinvestment and expansion, creating jobs in the process. The law is specifically aimed at repealing punitive taxes in the following sectors:

  • Manufacturing
  • High-tech
  • Agriculture
  • Import/Export

Other sweeping changes in the tax law affect small business expensing and depreciation, S-Corporation reform, ethanol and other bio-fuel production, and movie filming.

['Recruiting and hiring']
['Recruiting and hiring']
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