Page:United States Statutes at Large Volume 117.djvu/774

 PUBLIC LAW 108–27—MAY 28, 2003

117 STAT. 755

‘‘(ii) there shall be an adjustment under subsection (f) of such amounts which shall apply only to taxable years beginning in 2004, and such adjustment shall be determined under subsection (f)(3) by substituting ‘2002’ for ‘1992’ in subparagraph (B) thereof, ‘‘(iii) the cost-of-living adjustment used in making adjustments to the initial bracket amounts for any taxable year beginning after December 31, 2008, shall be determined under subsection (f)(3) by substituting ‘2007’ for ‘1992’ in subparagraph (B) thereof, and ‘‘(iv) the adjustments under clauses (ii) and (iii) shall not apply to the amount referred to in subparagraph (B)(iii). If any amount after adjustment under the preceding sentence is not a multiple of $50, such amount shall be rounded to the next lowest multiple of $50.’’. (c) EFFECTIVE DATE.— (1) IN GENERAL.—The amendments made by this section shall apply to taxable years beginning after December 31, 2002. (2) TABLES FOR 2003.—The Secretary of the Treasury shall modify each table which has been prescribed under section 1(f) of the Internal Revenue Code of 1986 for taxable years beginning in 2003 and which relates to the amendment made by subsection (a) to reflect such amendment.

26 USC 1 note. Applicability.

SEC. 105. ACCELERATION OF REDUCTION IN INDIVIDUAL INCOME TAX RATES.

(a) IN GENERAL.—The table contained in paragraph (2) of section 1(i) (relating to reductions in rates after June 30, 2001) is amended to read as follows:

26 USC 1.

The corresponding percentages shall be substituted for the following percentages:

‘‘In the case of taxable years beginning during calendar year:

28%

2001 ......................................................... 2002 ......................................................... 2003 and thereafter ...............................

31%

36%

27.5% 27.0% 25.0%

30.5% 30.0% 28.0%

35.5% 35.0% 33.0%

39.6%

39.1% 38.6% 35.0%’’.

(b) EFFECTIVE DATE.—The amendment made by this section shall apply to taxable years beginning after December 31, 2002.

Applicability. 26 USC 1 note.

SEC. 106. MINIMUM TAX RELIEF TO INDIVIDUALS.

(a) IN GENERAL.— (1) Subparagraph (A) of section 55(d)(1) is amended by striking ‘‘$49,000 in the case of taxable years beginning in 2001, 2002, 2003, and 2004’’ and inserting ‘‘$58,000 in the case of taxable years beginning in 2003 and 2004’’. (2) Subparagraph (B) of section 55(d)(1) is amended by striking ‘‘$35,750 in the case of taxable years beginning in 2001, 2002, 2003, and 2004’’ and inserting ‘‘$40,250 in the case of taxable years beginning in 2003 and 2004’’. (b) EFFECTIVE DATE.—The amendments made by subsection (a) shall apply to taxable years beginning after December 31, 2002.

Applicability. 26 USC 55 note.

SEC. 107. APPLICATION OF EGTRRA SUNSET TO THIS TITLE.

26 USC 1 note.

Each amendment made by this title shall be subject to title IX of the Economic Growth and Tax Relief Reconciliation Act of

VerDate 11-MAY-2000

13:45 Aug 26, 2004

Jkt 019194

PO 00000

Frm 00781

Fmt 6580

Sfmt 6581

D:\STATUTES\2003\19194PT1.001

APPS10

PsN: 19194PT1

�