Special Report: Tax Legislation 2004

Tax Update

CCH Notes Sweeping New Tax Law Will Benefit Businesses, Big and Small, and Individuals

(RIVERWOODS, ILL., October 22, 2004) – Major tax legislation passed the Senate on Monday, Oct. 11 by a vote of 69 to 17 and was signed into law by the President on Oct. 22. It will give ordinary taxpayers, as well as businesses of all sizes, plenty to think about, according to CCH INCORPORATED (CCH), a leading provider of tax and accounting law information and a Wolters Kluwer company. The American Jobs Creation Act of 2004, at first designed to eliminate what the World Trade Organization (WTO) had declared to be an illegal tax subsidy for American goods sold abroad, would give individual taxpayers the option of deducting state and local sales taxes on their federal returns, extend favorable treatment for purchases of business equipment, allow many companies an additional deduction on their corporate returns and provide a cornucopia of smaller tax benefits to everyone from traditional whaling captains in Alaska to the manufacturers of fish-finding sonar.

Read more in the CCH press release on this legislation.

For a special CCH Tax Briefing on the American Jobs Creation Act of 2004, click here.

 
For Information Contact:
 
Leslie Bonacum
(847) 267-7153
mediahelp@cch.com
 
Neil Allen
(847) 267-2179
allenn@cch.com