Jobs and Growth Tax Relief Reconciliation Act of 2003

The Jobs and Growth Tax Relief Reconciliation Act of 2003 would amend numerous provisions of existing tax law. The act would accelerate to 2003 the income tax rate reductions scheduled for 2004 and 2006. It also would accelerate previously enacted tax changes to increase the child tax credit and expand the 10and 15-percent tax brackets. Those changes would revert to tax law currently scheduled for 2005. In addition, H.R. 2 would increase the exemption amount for the individual alternative minimum tax (AMT), decrease the tax rates for income from dividends and capital gains, modify tax law relating to bonus depreciation and expensing, and allow certain 2003 corporate estimated tax payments to be shifted into 2004. H.R. 2 also would provide $20 billion in fiscal relief to states.