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H.R. 4840, Tax Simplification for Americas Job Creators Act of 2004, and H.R. 4841, Tax Simplification for Americans Act of 2004, July 21, 2004 1 (July 21, 2004)

handle is hein.tera/crstax0546 and id is 1 raw text is: Order Code RS21891 July 21, 2004 CRS Report for Congress Received through the CRS Web H.R. 4840, Tax Simplification for America's Job Creators Act of 2004, and H.R. 4841, Tax Simplification for Americans Act of 2004 Erika Lunder Legislative Attorney American Law Division Summary The House of Representatives is expected to consider two tax simplification bills that were introduced on July 15,2004: H.R. 4840 (Crane) and H.R. 4841 (Burns). H.R. 4840, the Tax Simplification for America's Job Creators Act of 2004, contains provisions that are intended to assist business taxpayers. H.R. 4841, the Tax Simplification for Americans Act of 2004, includes provisions aimed at simplifying tax laws that apply to individuals. This report summarizes the provisions in each bill. During the week of July 19, 2004, the House of Representatives is expected to consider two bills that are intended to simplify the Internal Revenue Code (IRC). H.R. 4840, the Tax Simplification for America's Job Creators Act of 2004, was introduced by Representative Crane on July 15, 2004. The bill's provisions address tax simplification for business taxpayers. H.R. 4841, the Tax Simplification for Americans Act of 2004, was introduced by Representative Bums on July 15, 2004. Its provisions are intended to simplify various tax laws that affect individuals. This report summarizes the provisions in each bill.' H.R. 4840. The provisions in H.R. 4840 are intended to assist business taxpayers. First, the bill would amend the expensing provisions in IRC § 179. Under current law, certain business assets that would otherwise be depreciable are allowed to be deducted in the year the property is placed in service (i.e., expensed). Special provisions apply for taxable years 2002 to 2006 that allow taxpayers to claim larger deductions and increase the number of taxpayers who qualify for the deduction. The bill would extend the expiration date of these special provisions from 2006 to 2008. Second, the bill would change the accounting rules in IRC § 448. Under current law, taxpayers may use the cash method of accounting if they meet certain criteria. Eligible Congressional Research Service A+ The Library of Congress The summaries are of the bill versions that were provided by the House of Representatives Bill Clerk. The versions published by the Government Printing Office were not yet available.

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