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Topic: Economic Growth and Tax Relief Reconciliation Act of 2001


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  Therrel Baisden
The "Economic Growth and Tax Relief Reconciliation Act of 2001" was passed by both chambers of Congress on Saturday, May 26, 2001 and signed by President Bush on June 7, 2001.
The alternative minimum tax exemption is increased by $2,000 for single taxpayers and $4,000 for married taxpayers, but only for 2001 through 2004.
The state death tax credit will be reduced by 25% in 2002, 50% in 2003, and 75% in 2004, and will be repealed in 2005, replaced with a deduction for state death taxes paid.
www.therrelbaisden.com /tax.html   (915 words)

  
  Estate Tax Changes
In addition, EGTRRA provides that the amount of state death tax credit that may be taken against the federal estate tax is reduced by 25 percent for deaths occurring in 2002, 50 percent for deaths in 2003, 75 percent for deaths in 2004 and by 100 percent for deaths occurring in 2005 and thereafter.
North Carolina updated their reference date to conform to the federal estate tax (including increased exemptions) as of May 7, 2001, but provided (for deaths occurring prior to January 1, 2004) that the amount of the state pick-up tax is to be computed without regard to the phase-out of the credit contained in federal law.
Legislation passed in 2002 ties the state pick-up tax to the federal code as of May 7, 2002 except that the amount of the state pick-up tax is to be computed without regard to the phase-out of the death tax credit.
www.taxadmin.org /fta/rate/estatetax.html   (2106 words)

  
 Assessing the Economic Growth and Tax Relief Reconciliation Act of 2001
Assessing the Economic Growth and Tax Relief Reconciliation Act of 2001
By 2006 the new tax rates are 10, 15, 25, 28, 33, and 35 (current rates are 15, 28, 31, 35, and 39.6 without ex.
However Congress should have lowered the top marginal tax rate to 33 percent as the a first step toward a flat tax.
www.heritage.org /Research/Taxes/taxcuttable.cfm   (222 words)

  
 Economic Growth and Tax Relief Reconciliation Act of 2001 - Estate, Gift and Generation-Skipping Transfer Tax Provisions
The 2001 Tax Act makes a number of changes in the generation-skipping transfer tax (“GST tax”), which affects transfers to your grandchildren and younger generations, as well as transfers to unrelated persons who are substantially younger than you.
The 2001 Tax Act also allows trusts that are only partially exempt from GST tax to be severed into two trusts, one wholly exempt and one wholly non-exempt.
Under the “sunset” provision of the 2001 Tax Act, however, all provisions of the Act are repealed as of January 1, 2011.
www.ffhsj.com /cmemos/313943_lesk_berger.htm   (1289 words)

  
 ESTATE PLANNING UNDER THE ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001 (2001ACT)   (Site not responding. Last check: 2007-10-27)
The 2001 Act expands the scope of the estate tax exclusion for gifts of conservation easements by eliminating the requirement that the land subject to the easement be within specified distances of a metropolitan area, national park, wilderness area, or urban national forest.
The income tax changes made by the 2001 Act, including reductions in income tax rates and increases in the amount of allowable contributions to IRAs and qualified plans, are of relatively little significance to most estate planning clients.
Although the 2001 Act carves a new 10-percent tax bracket out of a portion of the current 15-percent bracket, it is clear that the new tax bracket is applicable only to living persons since Act Section 101(c)(1) excludes estates and trusts; therefore, estates and trusts will not gain the benefit of the new lower brackets.
www.aspenpublishers.com /taxreform/Estate.htm   (7431 words)

  
 GOP.com | Republican National Committee :: Millions of American Families Are Benefiting from the President's Tax Relief
In 2011, the tax rate relief, new 10-percent tax bracket, death tax repeal, marriage penalty relief, small business expensing, and all the remaining tax relief enacted over the past three years will sunset, resulting in tax increases for every individual American man or woman who pays income taxes.
The President's tax relief is an important component of that increase.
Economic growth in the second half of 2003 was near a 20-year high.
www.gop.com /News/Read.aspx?ID=4103   (739 words)

  
 Economic Growth and Tax Relief Reconciliation Act of 2001
For example, several of these commentators and staffers have stated their belief that for economic and/or political reasons, Congress will not allow the federal estate and generation- skipping taxes to be repealed for one year in 2010.
The tax savings for 2001 will be rebated to taxpayers in the form of checks to be received during the summer and fall of 2001.
The Act reduces the phase-out to 2% of the AGI above the threshold in 2006 and 1% of AGI above the threshold in 2008.
www.beverdye.com /helpful/articles/1.html   (2284 words)

  
 tax law changes in 2002 and beyond
The adoption tax credit will now help defray up to $10,000 of adoption expenses, double the previous credit for costs associated with adopting a child who does not have special needs.
For large estates that will still owe the tax, the rate at which the excess will be taxed drops by a few percentage points each year from the pre-law-change high of 55 percent.
By 2008, the 15-percent tax bracket will be twice that of single filers, meaning more joint income will be taxed at this lower rate.
www.bankrate.com /brm/itax/news/20020130b.asp   (851 words)

  
 The Economic Growth and Tax Relief Reconciliation Act of 2001, Joan Disler, Randy Montellaro and Richard Schwartz, ...
Section 401(k) contribution limit which is limited to $10,500 per year (in 2001) will be increased to $11,000 in 2002; then increased $1,000 each year until $15,000 in 2006 (with future indexing).
Section 415(c) maximum annual contributions to defined contribution plans will be increased from the lesser of $35,000 (in 2001) or 25% of compensation to the lesser of $40,000 (with future indexing) or 100% of compensation beginning in 2002.
For distributions after December 31, 2001, the requirement for "separation from service" is replaced with a "severance from employment" standard, thus eliminating the "same desk rule" in business acquisitions.
www.ebglaw.com /article_511.html   (773 words)

  
 Highlights of the Economic Growth and Tax Relief Reconciliation Act of 2001
Taxpayers will be entitled to a credit in tax year 2001 of 5% (the difference between the 15% rate and the 10% rate) of the amount of income that would otherwise be eligible for the new 10% rate.
The Act extends the income exclusion for $5,250 of employer-provided educational assistance to graduate education and makes the exclusion (as applied to both undergraduate and graduate education) permanent, effective with respect to courses beginning after December 31, 2001.
The Act also increases the size of the 15% regular income tax rate bracket for a married couple filing a joint return to twice the size of the corresponding rate bracket for an unmarried individual filing a single return.
www.fmi.org /gr/highlights_TaxAct2001.htm   (1589 words)

  
 Estate Tax Relief - Economic Growth and Reconciliation Act of 2001   (Site not responding. Last check: 2007-10-27)
The Act introduces provisions that will gradually decrease this so-called "marriage penalty." One such provision is increasing the basic standard deduction for a married couple filing a joint return to twice the basic standard deduction for an unmarried individual filing a single return.
The Act will also reduce the impact of the "marriage penalty" by making the 15% regular income tax bracket for a married couple equal to double that of the 15% bracket for an individual filing a single return.
Obviously, that means that the top marginal estate tax rate will revert to 55% (plus a 5% surtax on certain large estates) and the amount exempt from estate taxes will be only $1,000,000 (i.e., the amount that the exemption is scheduled to be in 2006 under current law).
www.wilmingtontrust.com /articles/lib-Pla-I-A-2001TaxRelief.html   (1836 words)

  
 Economic Growth and Tax Relief Reconciliation Act of 2001   (Site not responding. Last check: 2007-10-27)
Tax cut legislation in 2001 created a new 10% income tax bracket below the 15% bracket, which previously had been the lowest tax bracket.
Previous legislation provided temporary marriage penalty relief for joint filers by increasing both the standard deduction and the amount of income taxed at the 15% rate to twice the comparable amounts for single taxpayers.
Thus, in 2004, the standard deduction for joint filers and surviving spouses is $9,700 (versus $4,850 for single filers) and the amount taxed at 15% is $43,800 (versus $21,900 for single filers).
www.japsc.com /new_page_2.htm   (1914 words)

  
 Tax Relief Act of 2001   (Site not responding. Last check: 2007-10-27)
The Act specifically increases the amount you can pass tax free to your heirs (what is referred to as the "Unified Credit") from $675,000 for deaths occurring in 2001 to $1,000,000 for deaths occurring in 2002.
The top tax bracket will be reduced from 55% to 50% in 2002, and then by 1% per year until is reduced to 45%.
Regardless of whether the Tax Act requires you to make changes to your Will and trust, most individuals want to review their estate plans every few years to ensure that that their plans are consistent with their current wishes, appropriate for their net worth, and to address changes in family situations.
www.fraserlawfirm.com /Publications/EstPlan/EP-TaxRelAct2001.html   (635 words)

  
 Connell Foley: A Summary Analysis of the Economic Growth and Tax Relief Reconciliation Act of 2001
However, the tax code presently exempts $1,060,000 per person (lifetime) from such tax ("generation-skipping transfer tax exemption"), in a similar manner to the lifetime exemption from the estate tax.
The present law does nothing to alleviate a tax that was originally intended to prevent the ultra-wealthy from using significant deductions to wipe out their income tax liability.
Furthermore, the repeal of the estate and generation-skipping transfer taxes is not certain, given that a new Congress and President must "re-approve" the death tax repeal less than ten years from now, possibly in an environment where the projected surpluses have disappeared and political control has shifted (as it recently has in the Senate).
www.cfg-lawfirm.com /opinions/2001taxlawchanges.html   (1867 words)

  
 Economic Growth and Tax Relief Reconciliation Act of 2001   (Site not responding. Last check: 2007-10-27)
The “advance refund check” will be equal to the amount of savings a taxpayer would have had for their 2000 tax return if the creation of the 10% bracket had been in effect for 2000.
Excess contributions must be removed by the due date of the beneficiary’s tax return for the year of the contribution.
An additional 10% tax is assessed on the amount of nonqualifying distributions after December 31, 2003.
winke.com /hfpc/hfpc./2001taxact.htm   (2391 words)

  
 The Economic Growth & Tax Relief Reconciliation Act of 2001
A 10% tax bracket is created for the first $6,000 of income for single filers and the first $12,000 for joint filers.
The Child Tax Credit is increased to $600 per child in 2001, increasing gradually thereafter to $1,000 in 2010.
Relief of the "marriage penalty" begins in 2005 and is fully phased-in in 2009.
www.sacsconsulting.com /newscenter.asp?Command=ReadArticle&ID=85   (652 words)

  
 ANCSA resource center
Economic Growth and Tax Relief Reconciliation Act of 2001 (settlement trust taxation)
Conference Report on Economic Growth and Tax Relief Reconciliation Act of 2001 (excerpts relating to settlement trust taxation)
Goldbelt, Inc., 25 P.3d 697 (Alaska 2001) -- Urban corporation may issue a benefit, in the form of elders shares, to original shareholders whether or not they are current shareholders.
www.lbblawyers.com /ancsa.htm   (1546 words)

  
 Johanson Berenson LLP :: The Economic Growth and Tax Relief Reconciliation Act of 2001 and Its Impact on ESOPs and ...
The Act also includes the first expansion of a tax incentive for a C corporation in the past 15 years and solidifies the legislative and regulatory environment for S corporation ESOPs and their sponsors.
The Act also expanded the deduction under Section 404(k) of the Internal Revenue Code of 1986, as amended (the "Code"), that C corporations are entitled to take in connection with dividends paid on company stock held by an ESOP.
The Act increases the "covered compensation" limitation for allocation purposes to $200,000 for plan years beginning after December 31, 2001, and indexes this amount in $5,000 increments after that.28 This means that for plan years beginning after December 31, 2001, the annual addition limit is 20% for participants with compensation of $200,000 or more.
www.johansonberenson.com /ex_j_egtrra.htm   (3029 words)

  
 Estate Planning in Light of The Economic Growth and Tax Relief Reconciliation Act of 2001   (Site not responding. Last check: 2007-10-27)
On June 7, 2001, President Bush signed into law The Economic Growth and Tax Relief Reconciliation Act of 2001 (the "Act"), The Act, which has been characterized as the largest tax cut passed by Congress since 1981, primarily affects individuals and their estate.
In 2010 the gift tax becomes taxed at a rate equal to the highest marginal rate of income tax paid by individuals- Assuming the absence of further Congressional change, the highest individual income tax rate will be 35% in 2010- Thus, on January 1, 2010 the gift tax rate will fall from 45% to 35%.
Because the Act provides that the GST tax exemption shall be equal to the exemption amount applicable to estates, starting in 2004, the GST tax exemption will increase as the estate tax exemption rises.
www.vrmlaw.com /CM/articles/article13.asp   (1617 words)

  
 CL&M -- The Economic Growth and Tax Relief Reconciliation Act of 2001
The estate and generation-skipping transfer taxes are repealed so that they do not apply to the estates of decedents dying after December 31, 2009, or to generation-skipping transfers occurring after that date.
Finally, the Act is financed, in part, by a reduction in the credit allowable for state death taxes paid, in effect transferring the cost of the Act during the transition period to the states.
There may be a New York tax in estates that have no federal tax and in estates that previously were "tax-free" in New York due to the use of a combination of the marital deduction and the credit shelter.
www.clm.com /pubs/pub-1031524.html   (1330 words)

  
 Baldwin & Haspel: Publications: The Economic Growth and Tax Relief Reconciliation Act of 2001
The generation skipping tax exemption amount ($1,060,000 currently and indexed for inflation) will change to be equal to the estate exemption amount for transfers after 2003.
If the last of them were to die in 2001, the federal tax would be $2,679,000; if the second death occurred in 2006, the tax would be $2,434,300.
The Act eliminates the credit for state taxes in phases: a 25% reduction in 2002; 50% in 2003; 75% in 2004; and, a complete repeal in 2005.
www.baldwinhaspel.com /publications-56.html   (963 words)

  
 Cooley Godward LLP | News & Publications | Cooley Alerts | The Economic Growth & Tax Relief Reconciliation Act of 2001: ...
Upon full repeal of the estate tax in 2010, there will be a change in the rules for determining the cost basis of inherited assets for income tax purposes.
In addition, the increase of the gift tax exemption to $1 million ($2 million for married couples) on January 1, 2002 presents an opportunity for tax-free wealth transfer that should be examined, particularly by those who have already used up their entire gift tax exemption.
Under the 2001 Tax Act, distributions from a Section 529 Plan are not subject to income tax so long as such distributions are used for qualified higher education expenses.
www.cooley.com /news/alerts.aspx?id=37670020   (1024 words)

  
 ::: Sandra West, CPA ::: Economic Growth and Tax Relief Reconciliation Act of 2001 -- Selected Provisions Effective in ...
The Act reduces each of the four highest regular income tax bracket rates one-half of one (0.5%) percent from the prior year.
The Act liberalizes rules for non-deductible contributions to Education IRAs for paying future education expenses.  The 2002 annual limit per beneficiary is increased to $2,000 (from $500) and the income phaseout ranges are also increased.
The Act liberalizes rules for deduction of qualified student loan interest.  The 60-month time limit and the restriction on voluntary interest payments are repealed in 2002.
www.sandrawest.com /0112.html   (478 words)

  
 The Economic Growth and Tax Relief Reconciliation Act of 2001: overview and assessment of effects on taxpayers. | Law   (Site not responding. Last check: 2007-10-27)
The Economic Growth and Tax Relief Reconciliation Act of 2001: overview and assessment of effects on taxpayers.
The Act created a new 10 percent rate bracket applying to the first $12,000 of taxable income for joint returns ($14,000 beginning in 2008), $10,000 for heads of households, and $6,000 for single individuals ($7,000 beginning in 2008).
Trade and tax policy reform and the environment: the economics of soil erosion in developing countries.
www.allbusiness.com /periodicals/article/191602-1.html   (841 words)

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