The Congressional Budget Office has released an 11-page Cost Estimate of H.R. 4520, the American Jobs Creation Act of 2004. Here is the Summary:

H.R. 4520 repeals the exclusion for a portion of income earned by exporters (so-called extraterritorial income), allows a deduction for income attributable to production in the United States, alters numerous other tax laws for both domestic and foreign corporations, and provides individuals with an optional deduction for state and local sales taxes (in place of state and local income taxes.) In addition to making many other changes to tax law, the act also makes several changes to the federal tobacco production quota program and extends both Internal Revenue Service (IRS) and customs user fees through September 30, 2014. The provisions of the act have various effective and sunset dates.

The Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) estimate that this legislation will decrease federal revenues by about $4.9 billion in 2005, $10.1 billion over the 2005-2009 period, and $6.8 billion over the 2005-2014 period. CBO estimates that H.R. 4520 will increase outlays resulting from direct spending by $764 million in 2005, but will decrease direct spending by about $1.4 billion over the 2005-2009 period and $6.8 billion over the 2005-2014 period. On balance, H.R. 4520 will increase deficits by an estimated $5.7 billion in 2005 and $8.7 billion over the 2005-2009 period, and have a very small effect on deficits over the 2005-2014 period—excluding effects on discretionary spending and debt service (i.e., interest effects).