American Jobs Creation Act of 2003

[AI summary unavailable — showing source text] American Jobs Creation Act of 2003 - Amends the Internal Revenue Code, with respect to corporate reform, to, among other things: (1) reduce the tax rate for smaller corporations and revise the rate for corporations with taxable income over $10 million; (2) extend and modify the research credit; (3) provide for a temporary deduction by U.S. shareholders for dividends received from controlled foreign corporations; (4) extend for two years the increased expensing provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 and extend for one year the bonus depreciation provisions of such Act; (5) permit a five carryback of net operating losses for 2003; (6) provide alternative minimum tax relief; (7) revise S corporation provisions, including permitting up to 100 shareholders; (8) revise employee benefit provisions, including excluding from social security taxes certain stock options; (9) revise rules concerning foreign base company income and repealing provisions, including those concerning foreign personal holding companies, foreign investment company stock, and the election by foreign investment companies to distribute income currently; and (10) revise provisions concern…