H.R. 4520 - American Jobs Creation Act of 2004 1. Closed rule.
2. Provides one hour of debate in the House equally divided and controlled by the chairman and ranking minority member of the Committee on Ways and Means.
3. Provides that the amendment in the nature of a substitute recommended by the Committee on Ways and Means, as modified by the amendment printed in the Rules Committee report accompanying the resolution, shall be considered as adopted.
4. Waives all points of order against the bill, as amended, and against its consideration.
5. Provides one motion to recommit with or without instructions.
--------- RESOLUTION Resolved, That upon the adoption of this resolution it shall be in order without intervention of any point of order to consider in the House the bill (H.R. 4520) to amend the Internal Revenue Code of 1986 to remove impediments in such Code and make our manufacturing, service, and high-technology businesses and workers more competitive and productive both at home and abroad. The bill shall be considered as read for amendment. The amendment in the nature of a substitute recommended by the Committee on Ways and Means now printed in the bill, modified by the amendment printed in the report of the Committee on Rules accompanying this resolution, shall be considered as adopted. All points of order against the bill, as amended, are waived. The previous question shall be considered as ordered on the bill, as amended, to final passage without intervening motion except: (1) one hour of debate on the bill, as amended, equally divided and controlled by the chairman and ranking minority member of the Committee on Ways and Means; and (2) one motion to recommit with or without instructions.
SUMMARY OF AMENDMENT TO BE CONSIDERED AS ADOPTED
(summaries derived from information provided by sponsors)Thomas #17
Manager's Amendment. Modification of Aquatic Resources Trust Fund Provision, Section 251: Provides for the transfer of a portion of the fuel excise taxes paid on fuel used by motorboats and small engines from the general fund to the Aquatic Resources Trust Fund beginning in 2007.Modification Of Attorney-Client Privilege, Section 615: Strikes provision that clarifies that taxpayer identity is not covered by attorney-client or authorized tax-practitioner privilege with respect to tax shelter investor lists.
Limiting Cost Of Tobacco Program Repeal, New Section 713 And Section 725: The current "no net cost" tobacco program employs assessments on producers, manufacturers and tobacco importers to offset the program's cost. The amendment ensures that the buyout will cost no more than $9.6 billion by continuing to apply the current assessments to tobacco currently covered by the "no net cost" program and clarifies the limitation.
TEXT OF THE AMENDMENT(.pdf)
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