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Topic: Jobs and Growth Tax Relief Reconciliation Act of 2003


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Tax

  
  JS-408: Tax Provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003
JS-408: Tax Provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003
The width of the 15-percent tax bracket for married couples is increased to twice the width for single taxpayers in 2003 and 2004.
AMT Hold-Harmless Relief: To ensure that the benefits from the acceleration of the tax reductions are not reduced by the AMT, the AMT exemption amount is increased by $9,000 for married taxpayers and by $4,500 for single taxpayers in 2003 and 2004.
www.ustreas.gov /press/releases/js408.htm   (585 words)

  
 Jobs and Growth Tax Relief Reconciliation Act of 2003 - Wikipedia, the free encyclopedia
Among other provisions, the act accelerated certain tax changes passed in the Economic Growth and Tax Relief Reconciliation Act of 2001, increased the exemption amount for the individual Alternative Minimum Tax, and lowered taxes of income from dividends and capital gains.
The maximum tax rate decreases originally scheduled to be phased into effect in 2006 under EGTRRA were retroactively enacted to apply to the 2003 tax year.
In addition, the child tax credit was increased to what would have been the 2010 level, and "marriage penalty" relief was accelerated to 2009 levels.
en.wikipedia.org /wiki/Jobs_and_Growth_Tax_Relief_Reconciliation_Act_of_2003   (671 words)

  
 Jobs and Growth Tax Relief Reconciliation Act of 2003   (Site not responding. Last check: 2007-10-23)
Tax Brackets Income levels for the 10 percent tax bracket are increased to $7,000 for single taxpayers and to $14,000 for joint filers for 2003.
New tax rates, retroactive to January 1, 2003 are 10, 15, 25, 28, 33, and 35 percent for individuals.
For 2003 and 2004, the AMT exemption amount is increased to $58,000 for married taxpayers and to $40,250 for unmarried taxpayers.
www.winke.com /wts/wts./2003taxact.htm   (1077 words)

  
 Jobs & Growth Tax Relief Reconciliation Act of 2003
For taxable years beginning in 2003 and 2004, the Act increases the width of the 15-percent income tax rate bracket for married taxpayers filing joint returns to twice the width of the 15-percent income tax rate bracket for single returns.
Thus, for 2003, the taxable income levels for the 10-percent regular income tax rate bracket increase for single individuals from $6,000 to $7,000, and for married taxpayers filing joint returns from $12,000 to $14,000.
The Act specifies that the amendments made by Sections 101-106 shall be subject to the sunsets provided by Title IX of Economic Growth and Tax Relief Reconciliation Act of 2001.
www.irs.gov /businesses/small/article/0,,id=110431,00.html   (1139 words)

  
 "Jobs and Growth Tax Relief Reconciliation Act of 2003," Private Wealth Services, Summer 2003, Volume 1, Issue 1 ...
Thus, for 2003, the 38.6-percent rate falls to 35 percent; the 35-percent rate falls to 33 percent; the 30-percent rate falls to 28 percent; the 27-percent rate falls to 25 percent; and the 10-percent and 15-percent rates are unchanged.
The Act lowers the income tax rate on dividends to 15 percent for most taxpayers, and to five percent for taxpayers in the 10-percent and 15-percent income tax brackets for both regular tax and alternative minimum tax purposes.
The Act provides some relief from this so-called “marriage penalty” in the form of a higher standard deduction for married couples filing jointly, and an expansion of the 15-percent tax bracket for married couples.
www.hklaw.com /Publications/Newsletters.asp?ID=386&Article=2175   (1807 words)

  
 Jobs & Growth Tax Relief Reconciliation Act of 2003   (Site not responding. Last check: 2007-10-23)
The Tax Act increases the alternative minimum tax (AMT) exemption by $4,500 to $40,250 for single taxpayers; by $9,000 to $58,000 for married couples filing joint tax returns and surviving spouses and $4,500 to $29,000 for married couples filing separately.
Prior to the enactment of new tax act, the child tax credit (for qualifying children under the age of 17) in tax years 2003 and 2004 was scheduled to be $600.
For married couples in the 15% tax bracket filing a joint return, the tax act increases the standard deduction for tax years 2003 and 2004 to twice the standard deduction of single taxpayers.
www.kelanroycpa.com /krcpa/Tax_Relief_Reconciliation_Act_2003.htm   (1038 words)

  
 Clark Nuber: Services: Tax Services: The Jobs and Growth Tax Relief Reconciliation Act of 2003   (Site not responding. Last check: 2007-10-23)
Corporations pay income tax on their income, then the income is passed to shareholders in the form of dividends, and the shareholders pay income tax on the same money, as "ordinary income" taxed at a regular income tax rate.
The new tax act rectifies this issue for taxpayers in the lower income tax brackets by changing the 15% marginal tax bracket and the standard deduction of married taxpayers filing joint tax returns so that these amounts are exactly double those of single taxpayers, thus eliminating the marriage tax penalty for many taxpayers.
The new tax act also provides for an increase to $7,650 in the amount of either bonus depreciation or Section 179 expense that may be deducted for luxury automobiles that qualify for the 50% bonus depreciation.
www.clarknuber.com /services/tax-relief-2003.asp   (3080 words)

  
 Jobs and Growth Tax Relief Reconciliation Act of 2003   (Site not responding. Last check: 2007-10-23)
For 2003, the additional credit of $400 per child is scheduled to be automatically sent out to taxpayers.
Marriage penalty relief: The new law changes 2003 and 2004's standard deduction for married couples filing jointly and qualified widowers to be double that of single tax filers.
In addition to the increased standard deduction, the 15% tax bracket has been increased for married tax filers to further reduce the impact of the marriage penalty.
www.antonewing.com /2003act.htm   (715 words)

  
 The Tax Prophet Newsletter - Jobs and Growth Tax Relief Reconciliation Act of 2003
President Bush signed into law the Jobs and Growth Tax Relief and Reconciliation Act of 2003, a combination of cuts in the capital gains tax rate, a new 15% tax rate on dividends and a lowering of tax brackets, all designed to stimulate the lagging economy.
Going forward, the corporate tax rate for the first $50,000 in pre-tax income is 15% and the dividend rate is 15% for a combined tax rate of 30%.
The highest individual tax rate is 35% so in many instances, there is a lower overall tax if corporate earnings are paid out as dividends rather than as compensation to corporate shareholders.
www.taxprophet.com /newsletters/0306nl.html   (852 words)

  
 Jobs and Growth Tax Relief Reconciliatino Act of 2003
Information on the 2002 tax returns will be used in determining advanced payments and the eligible credit claimed in 2003 will be reduced by any advanced payment made.
For tax years 2003 and 2004, the standard deduction for married couples filing a joint return will be double the amount of the single deduction.
New tax rates, retroactive to January 1, 2003 are 10, 15, 25, 28, 28, 33 and 35 percent for individuals.
www.ajefinsvs.com /ARTICLES/jobsandgrowth2003.htm   (412 words)

  
 Jobs and Growth Tax Relief Reconciliation Act of 2003   (Site not responding. Last check: 2007-10-23)
On May 28, 2003, President Bush signed into law legislation providing a total of $330 billion in tax cuts, including temporary reductions in the tax rates on capital gains and dividends and acceleration of marginal rate reductions and other individual tax cuts originally scheduled to take effect in later years under legislation enacted in 2001.
The relief is provided by way of increasing the standard deduction and widening the 15% bracket earlier than previously scheduled for married couples who file joint returns.
In addition, beginning retroactively to January 1, 2003, dividends received from a domestic corporation or certain "qualified foreign corporations" are taxed at the same rates that apply to capital gains.
www.njchamber.com /Government/issues/taxrelief2.htm   (948 words)

  
 Jobs and Growth Tax Relief Reconciliation Act of 2003   (Site not responding. Last check: 2007-10-23)
Additionally, for 2003 the taxable income level for the 10% bracket will be increased to $7,000 (from $6,000) for single filers and to $14,000 (from $12,000) for married joint filers.
The Act for 2003 and 2004 increases this AMT exemption for single filers to $40,250 and to $58,000 for joint filers respectively.
When the 2003 tax return is ultimately filed the final amounts claimed will be offset by the sums previously received.
www.davecfp.com /2003taxact.html   (2168 words)

  
 2003 Jobs & Growth Tax Relief Reconciliation Act of 2003
Rather than waiting to file your 2003 tax return to realize the benefit, you may have received an advance refund check (remember those a couple of years ago?), sent out this summer of 2003.
Long-term capital gain was taxed at 20% for those in the 27% (now 25%) bracket and above; and 10% (8% rate with a 5-year holding period) for those in the 15%/10% bracket.
The 15%/10% tax bracket is adjusted to double that of a single filer, but then higher brackets kick in earlier (relative to double-single), ditto for MFS equaling S for just the 15%/10% brackets.
www.taxaway.com /2003/newfor2003.htm   (599 words)

  
 Jobs and Growth Tax Relief Reconciliation Act of 2003   (Site not responding. Last check: 2007-10-23)
For 2003 and 2004, the 10% tax bracket ends at $14,000 of taxable income for joint filers and $7,000 for single filers and married filing separately (up from $12,000 and $6,000 respectively).
For 2003 and 2004, the maximum AMT exemption amount is $58,000 for joint filers and surviving spouses, $40,250 for unmarried taxpayers, and $29,000 for married filing separately, reverting to $45,000, $33,750, and $22,500, respectively, after 2004.
Effective for dividends received in tax years beginning after 2002 and before 2009, dividends received by an individual shareholder from domestic corporations are treated as net capital gains for purposes of applying the capital gain tax rates.
www.njchamber.com /Government/issues/taxrelief.htm   (1611 words)

  
 S. 1054, Jobs and Growth Tax Relief Reconciliation Act of 2003
Accelerate to 2003 the scheduled expansion of the 15 percent tax bracket and the increase in the standard deduction for married taxpayers filing a joint return;
The estimated budgetary impact of the Jobs and Growth Tax Relief Reconciliation Act of 2003 is shown in Table 1.
On May 12, 2003, CBO transmitted a cost estimate for S. 2, the Jobs and Growth Tax Act of 2003, as reported by the Senate Committee on Finance on May 9, 2003.
www.cbo.gov /showdoc.cfm?index=4218&sequence=0   (3123 words)

  
 Jobs and Growth Tax Relief Reconciliation Act of 2003
This is the third tax reduction since 2001, including The Economic Growth and Tax Relief Reconciliation Act of 2001 with 10 years of rate cuts for individuals and the Job Creation and Worker Assistance Act of 2002 which give specific tax benefits for businesses.
For 2003, the income levels for the 10% regular income tax rate rise from $6,000 to $7,000 for single individuals and from $12,000 to $14,000 for married filing jointly.
The rate reductions are retroactive to January 1, 2003, and withholding tables will be adjusted for the remainder of the year to increase paychecks and provide a cash stimulus to the economy.
www.bcpcpa.com /jgtrra2003_files/slide0004.htm   (218 words)

  
 Jobs and Growth Tax Relief Reconciliation Act of 2003
Jobs and Growth Tax Relief Reconciliation Act of 2003 which should bring at least some tax breaks to almost all of our clients.
Each of the Act's provisions are subject to "sunset rules" which means that they will expire in the near future and without further Congressional action, rates will go back to their previous levels.
The 2003 Act has widened the 10% tax bracket and accelerated the individual rate cuts that were established in the 2001 Tax Relief Act to January 1, 2003.
draketechnologies.com /LoadAce.php3?r=aceMcCarthy&f=Newsletter/../Articles/2003TaxAct.htm&l=   (1618 words)

  
 Bush Tax Cut Plan: Jobs and Growth Tax Relief Reconciliation Act of 2003   (Site not responding. Last check: 2007-10-23)
Complementing the dividends tax cut is a cut in the top rate on most net capital gains to 15% (less for individuals in the two lowest brackets) through 2008.
Although the 2001 tax cut legislation included "marriage penalty" relief, it deferred implementation until taxable year 2005, at which point the relief was to be phased in over several years.
The new law temporarily increases the alternative minimum tax exemption amount for 2003 and 2004 by $9,000 for joint filers and surviving spouses and by $4,500 for single filers and married filing separately.
www.tradersaccounting.com /taxact2003.asp   (1413 words)

  
 H.R. 2, Jobs and Growth Tax Relief Reconciliation Act of 2003
The act also would increase the child credit, which is refundable under the tax code and counted as outlays in the budget to the extent that it results in "refunds" of income taxes not actually paid.
The act would provide $5 billion in each of fiscal years 2003 and 2004 for states to use on maintaining essential government services or to cover the cost of complying with unfunded federal intergovernmental mandates as defined in the Unfunded Mandates Reform Act.
On May 8, 2003, CBO transmitted a cost estimate for H.R. 2, the Jobs and Growth Tax Act of 2003, as reported by the House Committee on Ways and Means.
www.cbo.gov /showdoc.cfm?index=4249&sequence=0   (1587 words)

  
 The Jobs and Growth Tax Relief Reconciliation Act of 2003
Careful tax planning is more important than ever, and it is our job to keep an eye on both the changing tax rules and the calendar.
To provide some relief, the exemption for single taxpayers increases from $35,750 to $40,250, and for married couples from $49,000 to $58,000 (for 2003 and 2004 only).
To ease the problem, the upper end of the 15% tax bracket increases from $47,450 to $56,800 for married joint filers.
www.adscpa.com /newsletters/issue02.htm   (1461 words)

  
 JOBS AND GROWTH TAX RELIEF RECONCILIATION ACT OF 2003
If you are an investor, you may reap significant tax benefits from the lowering of the capital gains rate from 20% to 15%, and the reduction of the tax rate on dividends from 38.6% to 15%.
Even though the tax rates for 2003 have been reduced, if your total tax liability for 2003 is greater than your total liability for 2002 (e.g., because your income is up or your deductions are down), you may wish to ask your employer not to change your withholding.
The 2003 Act Committee Reports clarify that the entire depreciable basis of qualifying property acquired in a like-kind exchange or an involuntary conversion qualifies for the first year 30% or 50% depreciation deduction.
www.ahdaviscpa.com /2003taxact.htm   (3761 words)

  
 Tax Relief Act of 2003
Congress recently passed the "Jobs and Growth Tax Relief Reconciliation Act of 2003" (the "Act") which lowers the tax on qualified dividends and long-term capital gains to 15%.
The new dividend rate is retroactive to January 1, 2003 and the long-term gains rate is effective on or after May 6, 2003.
The act has reduced the long-term gains rate, but harvesting losses is still a worthwhile pursuit to defer tax liability.
www.ifa.com /NewTaxReliefAct.html   (596 words)

  
 Congress Passes Jobs and Growth Tax Relief Reconciliation Act of 2003   (Site not responding. Last check: 2007-10-23)
Acceleration of certain previously enacted tax reductions, including an increase in the Child Tax Credit, marriage penalty relief, and reductions in individual income tax rates, including an increase in the AMT exemption amounts.
Tax rate reductions for capital gains after May 5, 2003 to 15 percent for all but low-income taxpayers, whose rate will move to 5 percent.
Reduction of the tax rate on dividends to 15 percent, retroactive to January 1, 2003.
www.aicpa.org /news/2003/052303.asp   (370 words)

  
 S. 1054, Jobs and Growth Tax Relief Reconciliation Act of 2003
The provision for a child credit rebate in 2003 is structured in such a way that some of what is classified as reduced revenue in this estimate could have instead been classified as increased outlays.
Section 371 would provide $20 billion in 2003 in funds for states to use on education or job training, health care, transportation and infrastructure, law enforcement or public safety, or maintaining essential government services.
This estimate for the Jobs and Growth Tax Relief Reconciliation Act of 2003 reflects the updated information provided by JCT for the estimated revenue effects of section 357--pertaining to the use of private collection agencies for recovering outstanding tax liabilities.
www.cbo.gov /showdoc.cfm?index=4218&sequence=0   (3123 words)

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