Jobs and Growth Tax Relief Reconciliation Act of 2003 Summary
2002 - 2011
(Provided by The National Underwriter's Virtual Sales Assistant; http://vsa.fsonline.com)

This page summarizes the changes made by the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), passed by Congress on May 23, 2003 and signed into law by President Bush on May 28, 2003, and places them in context for the years 2002 through 2011.  Specific JGTRRA changes are highlighted. Click here for a more complete explanation of JGTRRA provisions.
 

2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
For Individuals:

Reduction in Tax Rates on Capital Gains (effective 05/06/03)
Capital gains tax rate
20%
15%
15%
15%
15%
15%
15%
20%
20%
20%
Capital gains tax rate (10% and 15% brackets)
10%
5%
5%
5%
5%
5%
0%
10%
10%
10%

Reduction in Tax Rates on Dividends (effective 01/01/03)
Taxed as capital gains
Ordinary income tax rates
15%
15%
15%
15%
15%
15%
Ordinary income tax rates
Ordinary income tax rates
Ordinary income tax rates
Taxed as capital gains (10% and 15% brackets)
Ordinary income tax rates
5%
5%
5%
5%
5%
0%
Ordinary income tax rates
Ordinary income tax rates
Ordinary income tax rates

Accelerated Income Tax Rate Reductions (effective 01/01/03)
Top bracket
38.6%
35%
35%
35%
35%
35%
35%
35%
35%
39.6%
5th bracket
35%
33%
33%
33%
33%
33%
33%
33%
33%
36%
4th bracket
30%
28%
28%
28%
28%
28%
28%
28%
28%
31%
3rd bracket
27%
25%
25%
25%
25%
25%
25%
25%
25%
28%
2nd bracket
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
Bottom bracket
10%
10%
10%
10%
10%
10%
10%
10%
10%
15% (no 10% bracket)

Accelerated 10% Tax Bracket Expansion (effective 01/01/03)
Threshold limit (joint filers)
$12,000
$14,000
$14,000
$12,000
$12,000
$12,000
$14,000
$14,000
$14,000
No 10% bracket
Threshold limit (single filers)
$6,000
$7,000
$7,000
$6,000
$6,000
$6,000
$7,000
$7,000
$7,000
No 10% bracket

Accelerated Increase in Child Tax Credit (effective 01/01/03; $400 increase per child to be paid in advance in 2003)
Tax credit per child
$600
$1,000
$1,000
$700
$700
$700
$700
$800
$1,000
$500

Accelerated Marriage Penalty Reduction (effective 01/01/03)
Joint filer standard deduction (% of single filer amount)
Not applicable
200%
200%
 174%
 184%
187% 
190% 
200% 
200% 
Not applicable 
15% bracket size for joint filers (% of 15% bracket size for single filers)
 Not applicable
 200%
200%
180% 
187% 
193% 
200% 
200% 
200% 
Not applicable 

Alternative Minimum Tax Relief (effective 01/01/03)
Single Filers
$35,750
$40,250
$40,250
$33,750
$33,750
$33,750
$33,750
$33,750
$33,750
$33,750
Joint Filers
$49,000
$58,000
$58,000
$45,000
$45,000
$45,000
$45,000
$45,000
$45,000
$45,000

For Businesses:

Increase in Small Business Expensing (effective 2003 tax year)
Section 179 deduction amount
$25,000
$100,000
$100,000*
$100,000*
$25,000
$25,000
$25,000
$25,000
$25,000
$25,000
Phase-out threshold
$200,000
$400,000
$400,000*
$400,000*
$200,000
$200,000
$200,000
$200,000
$200,000
$200,000
* indexed for inflation