Tax Simplification for America's Job Creators Act of 2004

[AI summary unavailable — showing source text] Tax Simplification for America's Job Creators Act of 2004 - Amends the Internal Revenue Code to extend for two additional years (through 2007): (1) the increased expensing (up to $100,000) of small business assets; (2) the increase (to $400,000) in the cost limitation for property eligible for expensing; and (3) the inflation adjustments for the increased expensing amount and the limitation amount. Allows an inflation adjustment, beginning in 2004, of the $5 million gross receipts test amount used to determine eligibility for the cash method of accounting. Repeals or amends certain expired or inoperative provisions of the Code. Enacts a savings provision to prevent changes in tax liability resulting from repeals or amendments made by this Act for periods ending after its enactment date.…