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PL 108-27 Jobs and Growth Tax Relief Reconciliation Act of 2003

PL 108-27 Jobs and Growth Tax Relief Reconciliation Act of 2003

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Published by Tax History
Full text of the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) of 2003 (PL 108-27), aka second Bush tax cut.
Full text of the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) of 2003 (PL 108-27), aka second Bush tax cut.

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Published by: Tax History on Dec 30, 2009
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12/29/2009

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PUBLIC LAW 108–27—MAY 28, 2003
JOBS AND GROWTH TAX RELIEFRECONCILIATION ACT OF 2003
VerDate 11-MAY-200008:56 Jun 03, 2003Jkt 019139PO 00027Frm 00001Fmt 6579Sfmt 6579E:\PUBLAW\PUBL027.108APPS06PsN: PUBL027
 
117 STAT. 752PUBLIC LAW 10827MAY 28, 2003
Public Law 108–27108th Congress An Act
To provide for reconciliation pursuant to section 201 of the concurrent resolutionon the budget for fiscal year 2004.
 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled
,
SECTION 1. SHORT TITLE; REFERENCES; TABLE OF CONTENTS.
(a) S
HORT
T
ITLE
.—This Act may be cited as the ‘‘Jobs andGrowth Tax Relief Reconciliation Act of 2003’’.(b) A
MENDMENT OF
1986 C
ODE
.—Except as otherwise expresslyprovided, whenever in this Act an amendment or repeal is expressedin terms of an amendment to, or repeal of, a section or otherprovision, the reference shall be considered to be made to a sectionor other provision of the Internal Revenue Code of 1986.(c) T
 ABLE OF
C
ONTENTS
.—The table of contents of this Actis as follows:
Sec.1.Short title; references; table of contents.TITLE I—ACCELERATION OF CERTAIN PREVIOUSLY ENACTED TAXREDUCTIONSSec.101.Acceleration of increase in child tax credit.Sec.102.Acceleration of 15-percent individual income tax rate bracket expansionfor married taxpayers filing joint returns.Sec.103.Acceleration of increase in standard deduction for married taxpayers fil-ing joint returns.Sec.104.Acceleration of 10-percent individual income tax rate bracket expansion.Sec.105.Acceleration of reduction in individual income tax rates.Sec.106.Minimum tax relief to individuals.Sec.107.Application of EGTRRA sunset to this title.TITLE II—GROWTH INCENTIVES FOR BUSINESSSec.201.Increase and extension of bonus depreciation.Sec.202.Increased expensing for small business.TITLE III—REDUCTION IN TAXES ON DIVIDENDS AND CAPITAL GAINSSec.301.Reduction in capital gains rates for individuals; repeal of 5-year holdingperiod requirement.Sec.302.Dividends of individuals taxed at capital gain rates.Sec.303.Sunset of title.TITLE IV—TEMPORARY STATE FISCAL RELIEFSec.401.Temporary State fiscal relief.TITLE V—CORPORATE ESTIMATED TAX PAYMENTS FOR 2003Sec.501.Time for payment of corporate estimated taxes.
26 USC 1 note.Jobs and GrowthTax Relief Reconciliation Act of 2003.May 28, 2003[H.R. 2]
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117 STAT. 753PUBLIC LAW 108–27—MAY 28, 2003
TITLE I—ACCELERATION OF CERTAINPREVIOUSLY ENACTED TAX REDUC-TIONS
SEC. 101. ACCELERATION OF INCREASE IN CHILD TAX CREDIT.
(a) I
N
G
ENERAL
.—The item relating to calendar years 2001through 2004 in the table contained in paragraph (2) of section24(a) (relating to per child amount) is amended to read as follows:
‘‘2003 or 2004....................................................................................$1,000’’.
(b) A
DVANCE
P
 AYMENT OF
P
ORTION OF
I
NCREASED
C
REDIT IN
2003.—(1) I
N GENERAL
.—Subchapter B of chapter 65 (relating toabatements, credits, and refunds) is amended by inserting aftersection 6428 the following new section:
‘‘SEC. 6429. ADVANCE PAYMENT OF PORTION OF INCREASED CHILDCREDIT FOR 2003.
‘‘(a) I
N
G
ENERAL
.—Each taxpayer who was allowed a creditunder section 24 on the return for the taxpayer’s first taxableyear beginning in 2002 shall be treated as having made a paymentagainst the tax imposed by chapter 1 for such taxable year inan amount equal to the child tax credit refund amount (if any)for such taxable year.‘‘(b) C
HILD
T
 AX
C
REDIT
R
EFUND
 A
MOUNT
.—For purposes of this section, the child tax credit refund amount is the amountby which the aggregate credits allowed under part IV of subchapter A of chapter 1 for such first taxable year would have been increasedif—‘‘(1) the per child amount under section 24(a)(2) for suchyear were $1,000,‘‘(2) only qualifying children (as defined in section 24(c))of the taxpayer for such year who had not attained age 17as of December 31, 2003, were taken into account, and‘‘(3) section 24(d)(1)(B)(ii) did not apply.‘‘(c) T
IMING OF
P
 AYMENTS
.—In the case of any overpaymentattributable to this section, the Secretary shall, subject to theprovisions of this title, refund or credit such overpayment as rapidlyas possible and, to the extent practicable, before October 1, 2003.No refund or credit shall be made or allowed under this sectionafter December 31, 2003.‘‘(d) C
OORDINATION
W
ITH
C
HILD
T
 AX
C
REDIT
.—‘‘(1) I
N GENERAL
.—The amount of credit which would (butfor this subsection and section 26) be allowed under section24 for the taxpayer’s first taxable year beginning in 2003 shallbe reduced (but not below zero) by the payments made tothe taxpayer under this section. Any failure to so reduce thecredit shall be treated as arising out of a mathematical orclerical error and assessed according to section 6213(b)(1).‘‘(2) J
OINT RETURNS
.—In the case of a payment under thissection with respect to a joint return, half of such paymentshall be treated as having been made to each individual filingsuch return.‘‘(e) N
O
I
NTEREST
.—No interest shall be allowed on any overpay-ment attributable to this section.’’.
26 USC 6429.26 USC 24.
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