Terrorist Penalties Enhancement Act of 2004 - Amends the Federal criminal code to apply the death penalty or life imprisonment for a terrorist offense that results in the death of a person.
Makes an individual or corporation who is convicted of a terrorist offense ineligible for Federal benefits for any term of years or for life.
Includes "terrorist offenses resulting in death" among the aggravating factors for homicide which are used in determining whether a death sentence is justified.
Amends the Violent Crime Control and Law Enforcement Act of 1994 to make the death penalty available in certain air piracy cases occurring before enactment of the Federal Death Penalty Act of 1994 but after enactment of the Antihijacking Act of 1974. Narrows the language of "especially heinous, cruel, or depraved" by requiring that the act involved torture or serious physical abuse to the victim.