Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA)
What it is:
The Jobs and Growth Tax Relief Reconciliation Act of 2003 was a bill passed by the U.S. Congress in 2003 as an economic stimulus measure.
How it works (Example):
Often abbreviated JGTRRA, the Job and Growth Tax Relief Reconciliation Act of 2003 was proposed by President George W. Bush's administration in response to persistent, sluggish economic growth. The JGTRRA was designed to boost consumer spending and support the goals of 2001's Economic Growth and Tax Relief Reconciliation Act.
The act became effective in late May of 2003. Its most prominent feature was a reduction in federal tax rates on dividend income and income from capital gains to no more than 15%. In addition, the JGTRRA provided for child tax credit increases, tax reductions on personal income, and a broader range of tax deductions for small businesses.