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On October 11, 2004, Congress passed the American Jobs Creation Act of 2004. The Act is expected to be signed into law shortly by President Bush. Attached is a memo summarizing the Act's provisions relating to nonqualified deferred compensation, which are very broad and will apply generally beginning next year (2005). The Act drastically changes the way nonqualified deferred compensation will be taxed. The nonqualified deferred compensation provisions begin on page 582 of the attached PDF of the Act, and begin on page 528 of the attached PDF of the committee reports.

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