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Selected Tax Law Changes Effective January 1, 2002, January 4, 2002 1 (January 1, 2002)

handle is hein.tera/crstax0549 and id is 1 raw text is: Order Code RS21101 January 4, 2002 CRS Report for Congress Received through the CRS Web Selected Tax Law Changes Effective January 1, 2002 Marie B. Morris Legislative Attorney American Law Division Summary This is a brief list of tax laws changes which became effective on January 1, 2002. This list does not include inflation adjustments which occur because of administrative adjustments, unless they took effect because of a statutory change with a December 31, 2001 or January 1, 2002 effective date. For a complete listing of those administratively adjusted items, see IRS Revenue Procedure 2001-59, 2001-52 IRB 1, dated December 11, 2001. This list also excludes tax provisions expiring in 2002 and most conforming amendments, e.g., changes to credit ordering rules when a credit is amended, or changes to withholding rules when certain income is made tax-exempt. The first part of this report is a listing of the tax changes which were enacted during 2001 and effective at the beginning of 2002. The changes are listed under the statute which enacted the change by Internal Revenue Code section. Following the changes enacted in 2001 is a listing of previously enacted tax changes which became effective on January 1, 2002. They are listed by Internal Revenue Code section, but no attempt was made to identify the statutory source of the change.1 Provisions in Economic Growth and Tax Relief Reconciliation Act of 2001, P.L. 107-16, which became effective on January 1, 2002: Provision Citation Expansion of the adoption credit and adoption assistance IRC § 23 programs Increase in the per child amount of the child tax credit IRC § 24 1 The source can be determined by consulting the notes following the statutory language of the citation in either the Internal Revenue Code or title 26 of the U.S. Code. Congressional Research Service °0° The Library of Congress

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