The Jobs and Growth Tax Relief Reconciliation Act of 2003 was signed into law on May 28, 2003.  The following are some of the major changes that affect tax years beginning in 2003:

-The tax rate brackets of 27%, 30%, 35% and 38.6% have been reduced to 25%, 28%, 33%, and 35% respectively;

-The 15% rate bracket for married taxpayers filing jointly has expanded to twice that of single filers.  This will mean that many more married taxpayers will be taxed at the 15% rate;

-The maximum taxable income subject to the 10% tax rate has increased to $7,000 for single taxpayers and married taxpayers filing separately.  The maximum taxable income subject to the 10% tax rate is now $14,000 for married taxpayers filing jointly and qualifying widowers;

-The basic standard deduction for single taxpayers will be $4,750 and $9,500 for married taxpayers filing jointly;

-The maximum child tax credit has increased from $600 to $1,000 per child.  Some taxpayers will receive an advance payment of the increased portion of the child tax credit beginning in July 2003.