Acceleration of Tax Benefits

In 2001, a massive tax cut law reduced individual tax rates, provided marriage penalty relief, and increased the child tax credit. These changes, among others, were to be phased in gradually over several years. For example, tax rate reductions were scheduled to take place gradually from 2001 through 2006. And child tax credit increases were to be phased in from 2001 through 2010. The 2003 Act accelerates these changes so that they are fully in effect for the 2003 tax year.