On October 28, 2003, the House Ways and Means Committee cleared the American Jobs Creation Bill of 2003 (HR 2896) by a vote of 24 to 15. In addition to a three-year phased repeal of the extra-territorial income (ETI) provisions of the Code, the legislation includes a number of tax cuts for business and additional revenue raisers beyond ETI repeal to pay for them. A key provision of the bill is a phased three percentage point tax rate cut for domestic manufacturers and small corporations. The bill also includes a number of provisions modifying the international tax regime of the Code, simplifying S Corporation taxes, providing corporate AMT relief, lowering the depreciable life for leasehold and restaurant improvements and additional tax breaks for business. The overall ten-year cost of $128 billion is only partially offset by ETI repeal and $25 billion in revenue raisers. Among the list of revenue raising provisions are several provisions with respect to tax shelters and expatriation. The timing of a House floor vote is not certain, with indications that some votes may need to be won over before a floor vote will be scheduled. The Senate Finance Committee passed its version of ETI repeal legislation on October 1. The Senate version is fully paid for. The European Union continues to state that it will impose sanctions unless an ETI repeal bill passes Congress this year.
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