Statement of Administration Policy: H.R. 4520 - American Jobs Creation Act of 2004

STATEMENT OF ADMINISTRATION POLICY

(House)

(Rep. Thomas (R) California and 40 cosponsors)

The Administration supports foreign sales corporation/extraterritorial income (FSC/ETI) legislation that reforms the tax code, removes the underlying reason for the tariffs that have been imposed on American exports by the European Union (EU), and further advances the competitiveness of American manufacturers and other job creators.

The Administration urges the House to pass H.R. 4520 promptly. If Congress does not act to replace the current FSC/ETI provisions in the tax code, then the tariffs that were imposed by the EU on March 1st will inflict an increasing burden on American exporters, American workers, and the overall economy. To support the continued strengthening of our economy and to create more jobs, Congress should act now to end the threat posed by these tariffs and to promote the competitiveness of American manufacturers and other job-creating sectors of the U.S. economy. The Administration looks forward to working with the conferees on this legislation to move it toward budget neutrality, and to enacting legislation that removes the threat of escalating EU sanctions and encourages economic growth and job creation at home.