Economic Stimulus bill

(This measure has not been amended since it was reported to the House on May 8, 2003. The summary of that version is repeated here.)Jobs and Growth Reconciliation Tax Act of 2003 - Title I: Acceleration of Certain Previously Enacted Tax Reductions - (Sec. 101) Amends the Internal Revenue Code to increase the 2003, 2004, and 2005 child tax credit to $1,000. Provides for advance payment for 2003. Maintains the 2006, 2007, and 2008 credit at $700.(Sec. 102) Accelerates the increase in the 15 percent bracket for joint filers to twice that of single filers to make such increase applicable to 2003, 2004, and 2005.(Sec. 103) Accelerates the increase in the standard deduction for joint filers to twice that of single filers to make such increase applicable to 2003, 2004, and 2005.(Sec. 104) Revises the expansion of the 10 percent bracket for married taxpayers filing jointly scheduled to increase from $12,000 to $14,000 in 2008 as follows: (1) $14,000 through 2005; (2) $12,000 for 2006 and 2007; and (3) $14,000 for 2008 and beyond. Revises inflation adjustment provisions.(Sec. 105) Accelerates to 2003 individual income tax rate reductions scheduled to begin in 2006.(Sec. 106) Increases the $49,000 and $35,750 alternative minimum tax exemption amounts to $64,000 and $43,250, respectively.Title II: Growth Incentives for Business - (Sec. 201) Revises provisions concerning the special allowance for certain property acquired after September 10, 2001, and before September 11, 2004, with respect to certain property the original use of which commenced after May 5, 2003, to increase the 30 percent bonus to 50 percent and extend the placed in service date through January 1, 2006 (2007, in certain cases).(Sec. 202) Increases the expensing allowance to $100,000 and the phaseout limit to $400,000 for 2003 through 2007. Provides inflation adjustments.(Sec. 203) Increases the net operating loss carryback period from two to five years and extends it from 2002 through 2005.Title III: Reduction in Taxes on Dividends and Capital Gains - (Sec. 301) Reduces, for the regular and alternative minimum tax, the 10 and 20 percent adjusted net capital gain rates to 5 and 15 percent, respectively, with transition rules for years that include May 6, 2003.(Sec. 302) Provides, for the regular and alternative minimum tax, for the taxation of dividends received by an individual from domestic corporations at net capital gain rates.(Sec. 303) Makes the provisions of this title effective through 2012.Title IV: Corporate Estimated Tax Payments for 2003 - (Sec. 401) States that, notwithstanding Code provisions concerning failure to pay corporate estimated taxes, 52 percent of the amount of any required installment of corporate estimated tax which is otherwise due in September 2003 shall not be due until October 1, 2003.