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New Tax Bill Saves Popular Tax Breaks
By overwhelming margins in both federal chambers, the House and Senate approved the Working Families Tax Relief Act of 2004 (the Act). The Act doesn't blaze any new trails, but, instead extends the expiration of numerous tax provisions.

New Tax Deduction
The American Jobs Creation Act of 2004 (2004 Jobs Act) repealed (actually phased-out) existing federal income tax breaks for foreign sale corporations (FSCs) and extraterritorial income (ETI). This action was necessary because the World Trade Organization had ruled the FSC/ETI regime amounted to an illegal export subsidy.

New Jobs Act Changes Depreciation Rules
The American Jobs Creation Act of 2004 (2004 Jobs Act) made some significant changes to the methods businesses use to depreciate certain assets. Except for the potential difference in depreciating SUVs, the Act's provisions are generally taxpayer friendly.