Jobs And Growth Tax Relief Reconciliation Act Of 2003

Author :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

DOWNLOAD NOW!

Download or read book Jobs and Growth Tax Relief Reconciliation Act written by and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA; P.L. 10827) accelerated the implementation of certain tax reductions that were originally enacted as part of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA; P.L. 107-16). The 2003 act reduced marginal income tax rates effective through 2010 and reduced taxes on dividend and capital gains income effective through the end of 2008. Several of these provisions will expire at the end of 2004, including the increase in the child tax credit, the expansion of the 10% tax bracket, the expansion of the 15% tax bracket and standard deduction for joint returns, the increase in the alternative minimum tax (AMT) exemption, and the tax incentives for business. During this session, Congress faces the issue of whether to extend or make permanent these expiring tax provisions. Extending these expiring provisions would be costly, reducing revenue by around $634 billion over the FY2005 through FY2010 time period. On April 28, 2004, the House approved H.R. 4181, legislation making the JGTRRA marriage tax relief provisions permanent. On May 5, the House approved H.R. 4427, legislation extending for one year the JGTRRA increase in the AMT exemption. On May 13, the House passed H.R. 4275, legislation permanently extending the JGTRRA increase in the 10% tax bracket. During the week of May 17, the House is scheduled to consider H.R. 4539, legislation that would permanently extend the increase, to $1,000, in the child tax credit. This report will be updated as legislative action warrants and new revenue data become available.