Jobs and Growth Tax Relief Reconciliation Act of 2003

Summary

Jobs and Growth Tax Relief Reconciliation Act of 2003 - Amends the Internal Revenue Code to accelerate: (1) the expansion of the 10 percent bracket for married taxpayers filing jointly; (2) scheduled individual income tax rate reductions; (3) the increase in the standard deduction for joint filers to twice that of single filers; (4) the increase in the 15 percent bracket for joint filers to twice that of single filers; (5) the increase to the $1,000 child tax credit. Increases, for individuals, the alternative minimum tax exemption amounts. Increases the expensing allowance, the phaseout limit, and provides for inflation adjustments. Excludes a limited amount of dividend income from gross income. Sets forth rules for use in applying the economic substance doctrine, including defining economic substance. Establishes and modifies penalties concerning tax shelters. Revises provisions concerning corporate governance and executive compensation. Revises IRC expatriation tax provisions. Revises a variety of provisions, including: (1) establishing a program requiring the payment of IRS user fees; (2) including any vaccine against hepatitis A under the manufacturer's excise tax; (3) permitting the IRS to enter into qualified tax collection contracts; and (4) permitting the amortization of intangibles by sports franchises; (5) increasing the historic rehabilitation credit for certain low-income housing for the elderly; and (6) providing for the reimbursement of emergency health services furnished to undocumented aliens. Authorizes appropriations, through December 31, 2004, to States for: (1) improving education or job training, health care services, transportation or other infrastructure, and law enforcement or public safety; and (2) maintaining essential government services. Provides for increased Medicaid payments to States through December 31, 2004. Revises provisions concerning small business, including provisions concerning: (1) modifying the debt-financed property provisions; and (2) repealing the special occupational taxes on producers and marketers of alcoholic beverages. Revises provisions concerning agriculture, including provisions concerning: (1) the application of capital gain treatment to outright sales of timber; and (2) patronage dividends of cooperatives. Sets forth: (1) specified simplification provisions; and (2) sunset provisions.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 13 May 2003

   Calendars

   Placed on Senate Legislative Calendar under General Orders. Calendar No. 97.

   Source: Calendars

2. 13 May 2003

   Reported

   Committee on Finance ordered to be reported an original measure.

   Source: Committee

3. 13 May 2003

   Reported

   Committee on Finance. Original measure reported to Senate by Senator Grassley. Without written report.

   Source: Committee

4. 13 May 2003

   Introduced

   Introduced in Senate

   Source: IntroReferral

5. 14 May 2003

   Floor

   Measure laid before Senate by unanimous consent. (consideration: CR S6148-6226, S6233-6248)

   Source: Floor

6. 15 May 2003

   Floor

   Considered by Senate. (consideration: CR S6407-6415, S6421-6428, S6429-6445, S6451-6475)

   Source: Floor

7. 16 May 2003

   Floor

   Returned to the Calendar. Calendar No. 97.

   Source: Floor

Votes

No vote records are attached yet.

Versions

• Placed on Calendar Senate · 13 May 2003 · Download file

Documents

3 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 13 May 2003

  ViewDownloadOpen at official source

• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 13 May 2003

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 13 May 2003

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  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

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Sponsors

• Sen. Grassley, Chuck [R-IA] · R · Sponsor
• · ssfi00 · Standing

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