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Jobs And Growth Tax Relief Reconciliation Act of 2003

Definition

The Jobs and Growth Tax Relief Reconciliation Act of 2003, was passed by the United States Congress on May 23, 2003 and signed into law by President George W. Bush on May 28, 2003. Nearly all of the cuts were set to expire after 2010.

What is 'Jobs And Growth Tax Relief Reconciliation Act of 2003'

An act passed by congress that was intended to improve the economy of the United States by reducing the taxes collected, giving the population more money to spend. The act was passed in May 2003 and signed into law shortly after.

Explaining 'Jobs And Growth Tax Relief Reconciliation Act of 2003'

The passing of the Jobs and Growth Tax Relief Reconciliation Act of 2003 lowered the tax rate applied to dividend income by making this income count as capital gains instead of as a part of normal income. The act also simplified rules relating to qualifying retirement plans and increased the personal tax exemption amount of the 'alternative minimum tax'.


Further Reading


Jobs and Growth Tax Relief Reconciliation Act of 2003: A financial professional's overview
search.proquest.com [PDF]
This article provides a roadmap to the new tax law (Jobs and Growth Tax Relief Reconciliation Act of 2003) with comments on selected items for financial professionals. The provisions include accelerating benefits for married taxpayers, expanding the lowest tax bracket, reducing individual tax rates, enhancing Section 179 limits and additional first-year" bonus" depreciation, and lowering the maximum capital gains rate and the maximum rate for most dividends to 15%. The alternative minimum tax was largely unaffected and remains a …


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