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Jobs And Growth Tax Relief Reconciliation Act of 2003

   Also found in: Acronyms, Wikipedia 0.18 sec.
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.

Notes:
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'.


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According to a Congressional Research Service (CRS) Report for Congress, The Alternative Minimum Tax for Individuals (RL30149), the effects of the legislative reductions in the regular income tax due to the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) have caused more middle-income taxpayers to be subject to AMT.
Navigating the AMT system by Leach, Amy / The Tax Adviser
Known as the Extender Act, WFTRA continues tax cuts from the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA).
Tax relief, chapter 2004: tips for implementing the new rules by Eason, Pat / Journal of Accountancy
In May, the Jobs and Growth Tax Relief Reconciliation Act of 2003 was passed by Congress and signed into law by President Bush.
New tax savings offer unprecedented opportunity to update equipment by Deere, John / Implement & Tractor
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