Page:United States Statutes at Large Volume 117.djvu/773

 117 STAT. 754

PUBLIC LAW 108–27—MAY 28, 2003 (2) CLERICAL AMENDMENT.—The table of sections for subchapter B of chapter 65 is amended by adding at the end the following new item: ‘‘Sec. 6429. Advance payment of portion of increased child credit for 2003.’’.

(c) EFFECTIVE DATES.— (1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section shall apply to taxable years beginning after December 31, 2002. (2) SUBSECTION (b).—The amendments made by subsection (b) shall take effect on the date of the enactment of this Act.

26 USC 24 note. Applicability.

SEC. 102. ACCELERATION OF 15-PERCENT INDIVIDUAL INCOME TAX RATE BRACKET EXPANSION FOR MARRIED TAXPAYERS FILING JOINT RETURNS.

(a) IN GENERAL.—The table contained in subparagraph (B) of section 1(f )(8) (relating to applicable percentage) is amended by inserting before the item relating to 2005 the following new item:

26 USC 1.

‘‘2003 and 2004 ...........................................................................

26 USC 1 note. Applicability. 26 USC 1 note.

200’’.

(b) CONFORMING AMENDMENTS.— (1) Section 1(f)(8)(A) is amended by striking ‘‘2004’’ and inserting ‘‘2002’’. (2) Section 302(c) of the Economic Growth and Tax Relief Reconciliation Act of 2001 is amended by striking ‘‘2004’’ and inserting ‘‘2002’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2002. SEC. 103. ACCELERATION OF INCREASE IN STANDARD DEDUCTION FOR MARRIED TAXPAYERS FILING JOINT RETURNS.

(a) IN GENERAL.—The table contained in paragraph (7) of section 63(c) (relating to applicable percentage) is amended by inserting before the item relating to 2005 the following new item: ‘‘2003 and 2004 ........................................................................... 26 USC 1 note. Applicability. 26 USC 63 note.

200’’.

(b) CONFORMING AMENDMENT.—Section 301(d) of the Economic Growth and Tax Relief Reconciliation Act of 2001 is amended by striking ‘‘2004’’ and inserting ‘‘2002’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2002. SEC. 104. ACCELERATION OF 10-PERCENT INDIVIDUAL INCOME TAX RATE BRACKET EXPANSION.

(a) IN GENERAL.—Clause (i) of section 1(i)(1)(B) (relating to the initial bracket amount) is amended by striking ‘‘($12,000 in the case of taxable years beginning before January 1, 2008)’’ and inserting ‘‘($12,000 in the case of taxable years beginning after December 31, 2004, and before January 1, 2008)’’. (b) INFLATION ADJUSTMENT.—Subparagraph (C) of section 1(i)(1) is amended to read as follows: ‘‘(C) INFLATION ADJUSTMENT.—In prescribing the tables under subsection (f) which apply with respect to taxable years beginning in calendar years after 2000— ‘‘(i) except as provided in clause (ii), the Secretary shall make no adjustment to the initial bracket amounts for any taxable year beginning before January 1, 2009,

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