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Among the alterations to the gift tax in the EGTRRA was a reduction in rates.
The enhanced rules for student loan deductions introduced by EGTRRA (Sec.
Thus, EGTRRA increased exemptions and decreased tax rates--all good changes to be sure--but at a serious cost: the introduction of uncertainty as to the long-term structure of the transfer tax.
It made permanent many of the provisions of the 2001 EGTRRA, repealed a number of sunset provisions contained therein, and permanently increased exemption levels of the Alternative Minimum Tax (AMT).
EGTRRA changes became effective for plan years starting in 2002.
Sunset provisions of Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) -- make permanent the EGTRRA favorable measures for retirement plans, such as increased 401(k) plan limits, catchup contributions, Roth 401(k) contributions and the "Saver's Credit," originally set to expire in 2010.
The taxable income ceiling for the new 10 per cent tax bracket introduced by EGTRRA was initially $6 000 ($12 000 for married couples) through 2007, and $7 000 ($14 000 for married couples) from 2008 through 2010.
Another significant, but rarely spoken about, change made by EGTRRA to the estate tax provisions of the Internal Revenue Code of 1986, as amended, was the phase-out and eventual repeal of the state death tax credit (SDTC) provided under Code [section] 2011.
Section 613 of EGTRRA (a pension bill that took effect in 2002) amended several provisions of section 416 of the internal Revenue Code, including provisions related to the requirements for determining whether a plan is a top-heavy plan for a plan year.
President Bush has demanded that Congress pass legislation to make EGTRRA permanent.
The authors' bottom line is that EGTRRA mitigates, but doesn't fully eliminate, the lifetime tax increases facing many low-income households from making significant contributions to tax-deferred retirement accounts.
In addition to the Tax Relief Act of 2001, or EGTRRA, you may also hear about GUST amendments.