Jobs And Growth Tax Relief Reconciliation Act of 2003


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Jobs And Growth Tax Relief Reconciliation Act of 2003

Legislation in the United States that lowered most marginal tax brackets and reduced taxes in other ways. For example, the Act reclassified many dividends as long-term capital gains, which caused them to be taxed at a much lower rate. Proponents of the Act argued that it would spur economic growth and job creation following the 2001-2002 recession, while critics contended that it would increase the deficit unnecessarily and shift the tax burden from the wealthy to the middle class.
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after the Jobs and Growth Tax Relief Reconciliation Act of 2003, most dividends are taxed at a rate equal to or less than capital gains; see Hegt, "JGTRRA Cuts Rates, Increases Some Deductions and Credits." 34 The Tax Adviser 542 (September 2003).
The Jobs and Growth Tax Relief Reconciliation Act of 2003 provided additional 50% bonus first-year depreciation for qualified property acquired after May 5, 2003 and before Jan.
The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) provided tax advisers with an opportunity to advise clients on a large number of issues.
The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), Section 302(a), generally provides that dividends paid by either a domestic corporation or a "qualified foreign corporation" are subject to tax at reduced capital gain rates (generally, 15%).
Notice 2003-67 offers guidance to brokers and individuals on provisions in the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) that affect information reporting for payments in lieu of dividends, effective Sept.
2003-56 apprises certain entities with fiscal years beginning in 2002 and ending after May 5, 2003, of the additional reporting requirements mandated by the Jobs and Growth Tax Relief Reconciliation Act of 2003's (JGTRRA's) changes in the capital gain tax rates.
10, 2001; the Jobs and Growth Tax Relief Reconciliation Act of 2003, Section 201(a), expanded the provision to 50% bonus depreciation for qualifying property placed in service after May 5, 2003.
Section 302 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) reduced the income tax rate for qualifying dividends received by individuals to 15% (5% for taxpayers in the 10% mid 15% tax brackets).
The Jobs and Growth Tax Relief Reconciliation Act of 2003 offers a myriad of planning opportunities.
New temporary regulations (TD 9091) on the depreciation of certain modified accelerated cost recovery system property and computer software provide detailed guidance on the additional first-year "bonus" depreciation allowed by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and other recent legislation.
Sections 102 and 103 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) offered marriage penalty relief by expanding the tax brackets for married individuals to almost mirror those of their single counterparts.
Currently, the allowable first-year depreciation deduction for luxury automobiles is $10,710 (including $7,650 in bonus depreciation allowed by the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA)).