Jobs and Growth Tax Relief Reconciliation Act of 2003

Bill: 108-s-1054
Sponsor: Sen. Grassley, Chuck [R-IA]
Introduced: 2003-05-13 in the Senate
Policy area: Taxation
Subjects: Administrative procedure
Adoption
Affiliated corporations
Age discrimination
Agricultural cooperatives
Agricultural education
Agriculture and Food
Alcohol tax
Alcoholic beverages
Americans in foreign countries
Ammunition
Animals
Bank accounts
Bankruptcy
Baseball
Basketball
Beer
Blind
Bonds
Capital gains tax
Casualty insurance
Charitable contributions
Chief executive officers
Child support
Citizenship
Civil Rights and Liberties, Minority Issues
Civil actions and liability
Civil rights enforcement
Claims
Collection of accounts
Commemorations
Commerce
Compensation for victims of crime
Confidential communications
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 Indians
Federal aid to child health services
Federal aid to education
Federal aid to health facilities
Federal aid to law enforcement
Federal aid to transportation
Finance and Financial Sector
Fines (Penalties)
Firearms
Floods
Football
Foreign Trade and International Finance
Foreign banks and banking
Foreign corporations
Foreign tax credit
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
Health
Health insurance
Hepatitis
Higher education
Historic sites
History
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
Internal revenue law
Investors
Kidnapping
Labor and Employment
Law
Legal fees
Life insurance
Limitation of actions
Livestock
Losses
Low-income housing
Married people
Medical education
Medically uninsured
Minimum tax
Minorities
Missing children
Mortgage guaranty insurance
Partnerships
Patents
Polygraphs
Poor children
Profit
Property insurance
Public Lands and Natural Resources
Public health personnel
Punitive damages
Real estate investment
Reinsurance
Residential rehabilitation
Retail trade
Retiree health benefits
Scholarships
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 of foreign income
Taxpayer compliance
Taxpayers
Timber sales
Trademarks
Transportation and Public Works
Trusts and trustees
User charges
Vaccines
Valuation
Visas
Water Resources Development
Whistle blowing
Wholesale trade
Wine
Withholding tax

Summary:
action_date: 2003-05-13
text: 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.

Legislative actions:
action_date: 2003-05-16
text: Returned to the Calendar. Calendar No. 97.
action_date: 2003-05-15
text: Senate passed companion measure H.R. 2 in lieu of this measure.
action_date: 2003-05-15
text: Senate incorporated this measure in H.R.2 as an amendment.
action_date: 2003-05-15
text: Considered by Senate. (consideration: CR S6407-6415, S6421-6428, S6429-6445, S6451-6475)
action_date: 2003-05-14
text: Measure laid before Senate by unanimous consent. (consideration: CR S6148-6226, S6233-6248)
action_date: 2003-05-13
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 97.
action_date: 2003-05-13
text: Committee on Finance. Original measure reported to Senate by Senator Grassley. Without written report.
action_date: 2003-05-13
text: Committee on Finance. Original measure reported to Senate by Senator Grassley. Without written report.
action_date: 2003-05-13
text: Committee on Finance ordered to be reported an original measure.
action_date: 2003-05-13
text: Introduced in Senate