Definition
Federal legislation signed into law by President George Bush on October 22, 2004 that provided benefits U.S. manufacturers, multinational operations, agribusiness and energy companies, small businesses, farmers, partnerships and real estate investors in the form of tax benefits. The main provisions of the legislation included: creating new tax credit from manufacturers, significant changes to S Corp rules, simplified international taxation, repealed the FSC/ETI regime, boosted tax shelter penalties.
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