Jobs and Growth Tax Relief Reconciliation Act of 2003

Fact Sheet API

Bill Number

HR 2

Introduced

Feb 27, 2003

Latest Action

Became Public Law No: 108-27.

Sponsor

Cosponsors

Topics

Administrative procedure Adoption Affiliated corporations Age discrimination Agricultural cooperatives Agricultural education Agriculture and Food Alcohol tax Alcoholic beverages American Samoa Americans in foreign countries Ammunition Animals Appropriations Authorization Bank accounts Bankruptcy Baseball Basketball Beer Blind Bonds Capital gains tax Casualty insurance Charitable contributions Chief executive officers Child support Citizenship Civil actions and liability Civil Rights and Liberties, Minority Issues Civil rights enforcement Claims Collection of accounts Commemorations Commerce Compensation for victims of crime Computer industry Computer software Confidential communications Congress Consumer credit Cooperative societies Copyright Corporate debt Corporate governance Corporate mergers Corporate reorganizations Corporation directors Corporation taxes Cost of living adjustments Crime and Law Enforcement Custody of children Customs administration Damages Day care Debtor and creditor Defined benefit pension plans Department of the Treasury Depreciation and amortization Diesel motor Disability evaluation Disabled Disaster relief Discrimination Discrimination against the disabled Discrimination in education Discrimination in employment Dividends Divorce Droughts Earned income tax credit Earnings Economics and Public Finance Education Elementary and secondary education Emergency Management Emergency medicine Employment of the disabled Energy Excise tax Executive compensation Expatriation Families Federal aid to child health services Federal aid to education Federal aid to health facilities Federal aid to Indians Federal aid to law enforcement Federal aid to transportation Federal mandates Finance and Financial Sector Fines (Penalties) Firearms Floods Football Foreign banks and banking Foreign corporations Foreign tax credit Foreign Trade and International Finance Foster home care Fraud Free ports and zones Gambling Gasoline Gifts Government Operations and Politics Government paperwork Government service contracts Governmental investigations Grants-in-aid Guam Health Health insurance Hepatitis Higher education Historic sites History Holding companies Horse racing Housing and Community Development Housing for the aged Illegal aliens Immigration Income tax Indexing (Economic policy) Indian medical care Infrastructure Infrastructure (Economics) Injunctions Insider trading in securities Insurance companies Insurance premiums Intellectual property Interest Intergovernmental fiscal relations Internal revenue law Investors Kidnapping Labor and Employment Law Legal fees Life insurance Limitation of actions Livestock Losses Low-income housing Married people Medicaid Medical education Medically uninsured Minimum tax Minorities Missing children Mortgage guaranty insurance Mutual funds Northern Mariana Islands Options (Contract) Partnerships Patents Polygraphs Poor children Profit Property insurance Public health personnel Public Lands and Natural Resources Puerto Rico Punitive damages Real estate investment Reinsurance Residential rehabilitation Retail trade Retiree health benefits Scholarships Science, Technology, Communications Separation (Law) Sex discrimination Sheltered workshops Small business Social Welfare Sports and Recreation State budgets Stockholders Stocks Student loan funds Students Sunset legislation Support of dependents Tax administration Tax credits Tax deductions Tax deferral Tax evasion Tax exclusion Tax exemption Tax liens Tax penalties Tax preparers Tax rates Tax refunds Tax returns Tax shelters Tax-deferred compensation plans Tax-exempt organizations Tax-exempt securities Taxation Taxation of foreign income Taxpayer compliance Taxpayers Timber sales Trademarks Transportation and Public Works Trusts and trustees User charges Vaccines Valuation Virgin Islands Visas Water Resources Development Welfare eligibility Welfare waivers Whistle blowing Wholesale trade Wine Withholding tax

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Votes

Summary

Jobs and Growth Tax Relief Reconciliation Act of 2003 - Title I: Acceleration of Certain Previously Enacted Tax Reductions - (Sec. 101) Amends the Internal Revenue Code to accelerate the increase to the $1,000 child tax credit to include 2003 and 2004. Maintains the levels and the sunset established under the Economic Growth and Tax Reconciliation Act of 2001 (EGTRRA) for years following.

Provides for advance payment for 2003.

(Sec. 102) Accelerates the increase in the 15 percent bracket for joint filers to twice that of single filers to make such increase applicable to 2003 and 2004. Maintains the levels and the sunset established under EGTRRA for years following.

(Sec. 103) Accelerates the increase in the standard deduction for joint filers to twice that of single filers to make such increase applicable to 2003 and 2004. Maintains the levels and the sunset established under EGTRRA for years following.

(Sec. 104) Revises the expansion of the 10 percent bracket for married taxpayers filing jointly scheduled to increase from $12,000 to $14,000 in 2008 as follows: (1) $14,000 through 2004; and (2) $12,000 for 2005 through 2007. Maintains the levels and the sunset established under EGTRRA for years following. Revises inflation adjustment provisions.

(Sec. 105) Accelerates to 2003 individual income tax rate reductions scheduled to begin in 2006. Maintains that level and the sunset established under EGTRRA for years following.

(Sec. 106) Increases the $49,000 (for 2001 through 2004) and $35,750 (for 2001 through 2004) alternative minimum tax exemption amounts to $58,000 (for 2003 and 2004) and $40,250 (for 2003 and 2004), respectively.

(Sec. 107) Establishes that the sunset provisions of EGTRRA apply to this title.

Title II: Growth Incentives for Business - (Sec. 201) Revises provisions concerning the special allowance for certain property acquired after September 10, 2001, and before September 11, 2004, with respect to certain property the original use of which commenced after May 5, 2003, to increase the 30 percent bonus to 50 percent and extend the placed in service date through January 1, 2005 (2006, in certain cases).

(Sec. 202) Increases the $25,000 expensing allowance to $100,000 for 2003 through 2005, the $200,000 phaseout limit to $400,000 for 2003 through 2005, and includes off-the-shelf computer software placed in service in 2003 through 2005 as qualifying property. Provides for inflation adjustments.

Title III: Reduction in Taxes on Dividends and Capital Gains - (Sec. 301) Reduces, for the regular and alternative minimum tax, the 10 and 20 percent adjusted net capital gain rates to 5 (zero percent in 2008) and 15 percent, respectively, for taxable years beginning on or after May 6, 2003, with transition rules for years that include May 6, 2003.

(Sec. 302) Provides, for the regular and alternative minimum tax, for the taxation of dividends received by an individual from domestic corporations at net capital gain rates. Includes as qualified dividend income dividends from qualified foreign corporations (foreign corporations incorporated in the United States or certain corporations eligible for benefits of a comprehensive tax treaty with the United States).

(Sec. 303) Sunsets provisions of this title December 31, 2008.

Title IV: Temporary State Fiscal Relief - (Sec. 401) Provides $10 billion for State and local government assistance and $10 billion for Medicaid assistance through September 30, 2004. Amends the Social Security Act to add a new title, Temporary State Fiscal Relief.

Title V: Corporate Estimated Tax Payments for 2003 - (Sec. 501) Requires payment of 25 percent of September 2003 corporate estimated taxes by October 1, 2003.

Actions

May 28, 2003

Became Public Law No: 108-27.
May 28, 2003

Signed by President.
May 23, 2003

Presented to President.
May 23, 2003

Message on Senate action sent to the House.
May 23, 2003

Senate agreed to conference report by Yea-Nay Vote. 51 - 50. Record Vote Number: 196.
May 23, 2003

Conference report agreed to in Senate: Senate agreed to conference report by Yea-Nay Vote. 51 - 50. Record Vote Number: 196.
May 23, 2003

Conference report considered in Senate. (consideration: CR S7071-7089)
May 23, 2003

On agreeing to the conference report Agreed to by the Yeas and Nays: 231 - 200 (Roll no. 225).
May 23, 2003

Motions to reconsider laid on the table Agreed to without objection.
May 23, 2003

Conference report agreed to in House: On agreeing to the conference report Agreed to by the Yeas and Nays: 231 - 200 (Roll no. 225).
May 23, 2003

The previous question was ordered pursuant to the rule.
May 23, 2003

DEBATE - The House proceeded with one hour of debate on the conference report.
May 23, 2003

Mr. Thomas brought up conference report H. Rept. 108-126 for consideration under the provisions of H. Res. 253. (consideration: CR H4716-4730)
May 23, 2003

Rule H. Res. 253 passed House.
May 22, 2003

Rules Committee Resolution H. Res. 253 Reported to House. Rule provides for consideration of the conference report to H.R. 2.
May 22, 2003

Conferees agreed to file conference report.
May 22, 2003

Conference committee actions: Conferees agreed to file conference report.
May 22, 2003

Conference report H. Rept. 108-126 filed. (text of conference report: CR H4625-4706)
May 22, 2003

Conference report filed: Conference report H. Rept. 108-126 filed.(text of conference report: CR H4625-4706)
May 22, 2003

Conference papers: Senate report and manager's statement held at the desk in Senate.
May 22, 2003

The Speaker appointed conferees: Thomas, DeLay, and Rangel.
May 22, 2003

Motion to reconsider laid on the table Agreed to without objection.
May 22, 2003

On motion that the House instruct conferees Agreed to by voice vote.
May 22, 2003

The previous question was ordered without objection.
May 22, 2003

DEBATE - The House proceeded with one hour of debate on the Stenholm motion to instruct conferees. The instructions contained in the motion seek to require the managers on the part of the House to include in the conference report the fiscal relief provided to States by section 371 of the Senate amendment and to the maximum extent possible within the scope of conference, agree to a conference report that will neither increase the Federal budget deficit nor increase the amount of the debt subject to the public debt limit.
May 22, 2003

Mr. Stenholm moved that the House instruct conferees. (text: CR H4534)
May 22, 2003

On motion that the House disagree to the Senate amendment, and agree to a conference Agreed to without objection. (consideration: CR H4625-4706)
May 22, 2003

Mr. Thomas asked unanimous consent that the House disagree to the Senate amendment, and agree to a conference. (consideration: CR H4534-4542, H4625-4706)
May 20, 2003

Message on Senate action sent to the House.
May 15, 2003

Senate insists on its amendment, asks for a conference, appoints conferees Grassley; Hatch; Nickles; Lott; Baucus; Rockefeller; Breaux.
May 15, 2003

Passed Senate in lieu of S.1054 with an amendment by Yea-Nay Vote. 51 - 49. Record Vote Number: 179. (consideration: CR S6474-6475; text as passed Senate: CR 5/20/2003 S6741-6786)
May 15, 2003

Passed/agreed to in Senate: Passed Senate in lieu of S.1054 with an amendment by Yea-Nay Vote. 51 - 49. Record Vote Number: 179.(consideration: CR S6474-6475; text as passed Senate: CR 5/20/2003 S6741-6786)
May 15, 2003

Senate struck all after the Enacting Clause and substituted the language of S.1054 amended.
May 12, 2003

Received in the Senate.
May 9, 2003

The title of the measure was amended. Agreed to without objection.
May 9, 2003

Motion to reconsider laid on the table Agreed to without objection.
May 9, 2003

On passage Passed by recorded vote: 222 - 203 (Roll no. 182). (text: CR H3910-3913)
May 9, 2003

Passed/agreed to in House: On passage Passed by recorded vote: 222 - 203 (Roll no. 182).(text: CR H3910-3913)
May 9, 2003

On motion to recommit with instructions Failed by recorded vote: 202 - 218 (Roll no. 181).
May 9, 2003

The previous question on the motion to recommit with instructions was ordered without objection.
May 9, 2003

Floor summary: DEBATE - The House proceeded with 10 minutes of debate on the Moore motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment that provides that the bill's provisions will not take effect until the Federal budget is in balance.
May 9, 2003

Mr. Moore moved to recommit with instructions to Ways and Means. (consideration: CR H3940-3956; text: CR H3940-3953)
May 9, 2003

On motion to table the appeal of the ruling of the Chair Agreed to by recorded vote: 222 - 202 (Roll No. 180).
May 9, 2003

Mr. Thomas moved to table the appeal of the ruling of the Chair.
May 9, 2003

Mr. Rangel appealed the ruling of the chair. The question was then put on sustaining the ruling of the chair.
May 9, 2003

Mr. Thomas raised a point of order against the motion to recommit with instructions. The provisions of the motion to recommit with instructions are not germane. Sustained by the Chair.
May 9, 2003

Point of order sustained against the motion to recommit with instructions.
May 9, 2003

Subsequently, unanimous consent was granted to dispense with further reading of the motion to recommit with instructions.
May 9, 2003

Floor summary: READING OF MOTION - The House proceeded with the reading of the proposed amendment in the nature of a substitute contained in the motion to recommit.
May 9, 2003

Mr. Rangel moved to recommit with instructions to Ways and Means.
May 9, 2003

The previous question was ordered pursuant to the rule.
May 9, 2003

DEBATE - The House proceeded with one hour of debate on H.R. 2.
May 9, 2003

Rule provides for consideration of H.R. 2 with 1 hour of general debate. Rule provides for debate in the House equally divided and controlled by the chairman and ranking minority member of the Committee on Ways and Means. The amendment recommended by the Committee on Ways and Means now printed in the bill (H.Rept. 108-94) shall be considered as adopted. The rule waives all points of order against the bill, as amended, and against its consideration. Finally, the rule provides one motion to recommit with or without instructions.
May 9, 2003

Considered under the provisions of rule H. Res. 227. (consideration: CR H3902-3956)
May 9, 2003

Rule H. Res. 227 passed House.
May 8, 2003

Rules Committee Resolution H. Res. 227 Reported to House. Rule provides for consideration of H.R. 2 with 1 hour of general debate. Rule provides for debate in the House equally divided and controlled by the chairman and ranking minority member of the Committee on Ways and Means. The amendment recommended by the Committee on Ways and Means now printed in the bill (H.Rept. 108-94) shall be considered as adopted. The rule waives all points of order against the bill, as amended, and against its consideration. Finally, the rule provides one motion to recommit with or without instructions.
May 8, 2003

Placed on the Union Calendar, Calendar No. 49.
May 8, 2003

Reported (Amended) by the Committee on Ways and Means. H. Rept. 108-94.
May 6, 2003

Ordered to be Reported (Amended) by the Yeas and Nays: 24 - 15.
May 6, 2003

Committee Consideration and Mark-up Session Held.
Feb 27, 2003

Introduced in House
Feb 27, 2003

Referred to the House Committee on Ways and Means.

Amendments

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