Invest in American Workers Act of 2004 - Amends the Trade Act of 1974 to extend trade adjustment assistance (TAA) to workers in a service sector firm or its subdivision. Defines service sector firm as an entity engaged in the business of providing information technology or other high technology services.
Revises group eligibility requirements for TAA to include: (1) a shift, by such worker's firm or its subdivision to a foreign country, in provision of services, like or directly competitive with services provided by the service sector's firm or its subdivision; and (2) the situation where a worker's firm or its subdivision obtains or is likely to obtain such services from a foreign country.
Requires the Secretary of Labor to certify as eligible to apply for TAA any adversely affected secondary workers in a service sector firm or its subdivision.
Authorizes the Secretary to provide technical assistance for the establishment of industrywide programs for new service development.
Requires the Secretary of Commerce to establish a Trade Adjustment Assistance for Communities Program at the Department of Commerce.
Authorizes: (1) an eligible community to develop a strategic plan for community economic adjustment and diversification; (2) the Secretary of Commerce, upon receipt of an application from the community, to award a grant for such development and, upon approval of the plan, a grant to carry out any certified project or program to be included in the plan; and (3) additional grants, under specified conditions, to provide the non-Federal share of a project.
Waives the time limitation on the use of eligibility and entitlement to educational assistance under the Montgomery GI Bill for certain veterans who file claims for unemployment compensation.
Amends the Internal Revenue Code to increase the tax credit for health insurance costs of eligible individuals.
Repeals the limitation on penalty-free distributions from individual retirement plans to unemployed individuals for health insurance premiums.