Independent Film Small Business Job Creation Act of 2004

Independent Film Small Business Job Creation Act of 2004 - Amends the Internal Revenue Code to allow a tax deduction for expenditures relating to the production, promotion and distribution of U.S. independent motion picture films with budgets between $2 and $20 million (adjusted for inflation). Requires that not less than 95 percent of the wages or self-employment income paid for producing such films be for services provided within the United States or its possessions. Requires the recapture as income of amounts deducted if a production company ceases to qualify as an independent film production company.