About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

Jobs and Growth Tax Relief Reconciliation Act: Provisions Expiring in 2004, Date: May 14, 2004 1 (May 14, 2004)

handle is hein.tera/crstax0345 and id is 1 raw text is: Order Code RS21708 Updated May 14, 2004 CRS Report for Congress Received through the CRS Web Jobs and Growth Tax Relief Reconciliation Act: Provisions Expiring in 2004 Gregg Esenwein Specialist in Public Finance Government and Finance Division Summary The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA; P.L. 108- 27) accelerated the implementation of certain tax reductions that were originally enacted as part of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA; P.L. 107-16). The 2003 act reduced marginal income tax rates effective through 2010 and reduced taxes on dividend and capital gains income effective through the end of 2008. Several of these provisions will expire at the end of 2004, including the increase in the child tax credit, the expansion of the 10% tax bracket, the expansion of the 15% tax bracket and standard deduction for joint returns, the increase in the alternative minimum tax (AMT) exemption, and the tax incentives for business. During this session, Congress faces the issue of whether to extend or make permanent these expiring tax provisions. Extending these expiring provisions would be costly, reducing revenue by around $634 billion over the FY2005 through FY20 10 time period. On April 28, 2004, the House approved H.R. 4181, legislation making the JGTRRA marriage tax relief provisions permanent. On May 5, the House approved H.R. 4427, legislation extending for one year the JGTRRA increase in the AMT exemption. On May 13, the House passed H.R. 4275, legislation permanently extending the JGTRRA increase in the 10% tax bracket. During the week of May 17, the House is scheduled to consider H.R. 4539, legislation that would permanently extend the increase, to $1,000, in the child tax credit. This report will be updated as legislative action warrants and new revenue data become available. Child Tax Credit In 2001, the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) increased the child tax credit from $500 to $1,000, with the increase phased-in over the 2001 through 2010 time period. In 2001 and 2002, the credit was $600. For 2003 and 2004, the credit was also scheduled to be $600. For 2005 through 2008, the credit is scheduled to be $700. The credit is scheduled to be $800 in 2009 and $1,000 in 2010. Congressional Research Service ***. The Library of Congress

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most