For Immediate Release
Office of the Press Secretary
October 22, 2004

Statement on H.R. 4520, the American Jobs Creation Act of 2004

October 22, 2004

STATEMENT BY THE PRESS SECRETARY

The President today signed into law:

H.R. 4520, the "American Jobs Creation Act of 2004," which repeals the extraterritorial income exclusion in current tax law; provides domestic manufacturing and other business tax relief, including energy-related tax credits; allows for itemized deduction of State and local sales taxes; provides for reform of tobacco subsidies; includes international tax reform and simplification provisions; and includes various revenue-raising provisions.

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