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Capital Hill Watch Alert

Jobs and Growth Tax Act of 2003

The House of Representatives is expected to vote on the Jobs and Growth Tax Act of 2003 (H.R. 2) (To view: Full text of legislation) on Friday, May 9, 2003.  The measure for individuals will accelerate the tax relief of President Bush of 2001.  For example, the child credit will be increased to $1,000 for 2003, 2004, and 2005.  The expansion of the 10 percent tax bracket will be accelerated for 2003, 2004, and 2005.  For 2003, 2004, and 2005, the expansion of the 15 percent tax bracket will be increased and the standard deduction for married individuals filing joint returns will be increased.  The 2006 rates for individual rate cuts would now start in 2003 from 28 percent to 25 percent; 31 percent to 28 percent; and 36 percent 33 percent and 39.6 percent to 35 percent.   For 2003, 2004 and 2005 the Alternative Minimum Tax (ATM) exemption will be increased for single individuals to $7,500 and for joint filers $15,000. 

For business and investment incentives, the bonus depreciation will be extended through December 31, 2005, and increased from 30 percent to 50 percent.  The amount small businesses can expense (immediately deduct) is increased from $25,000 to $100,000 for 2003 through 2007. Also, the definition of small business is increased from $200,000 of capital purchases to $400,000. Indexed for inflation are the provisions.  For three years (2003 through 2005) the five-year net operating loss carryback is extended. And for AMT the taxpayers are held harmless. 

For dividends and capital gains for taxpayers in the lowest tax bracket, the tax rate is reduced five percent and for all other taxpayers it is lowered to 15 percent. 

What Can You Do?   

Urge your representative to SUPPORT the Jobs and Growth Tax Act of 2003 (H.R. 2). 

Contact Information:  

Capitol Hill Switchboard Numbers: 202-225-3121 or 202-224-3121 (Those numbers will direct you to the Capitol Hill operator. Ask for your representative's office.)  

To go to your representative's website, find his E-mail or to find out who your representatives are... http://www.house.gov/house/MemberWWW.html  

To electronically mail your U.S. House of Representative, go to http://www.house.gov/htbin/wrep_findrep.

Addressing Correspondence:

The Honorable (full name)
United States House of Representatives
Washington, DC 20515

Dear Representative (last name):

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