On September 23, 20024, the House and Senate passed a $146 billion package of tax breaks aimed primarily at middle-income taxpayers and at businesses. Almost all of the items in the act were "extenders" taken from a variety of tax acts presently being considered by Congress. President Bush indicates that he will sign the act promptly after it reaches his desk.

This $146 billion tax act affects individuals and business taxpayers, extending important tax breaks and making numerous technical corrections to previous tax legislation.

Among the many changes and areas impacted are:

• Extension of child tax credit
• Uniform definition of a "qualifying child"
• Extension of marriage penalty provisions: standard deduction, 10 and 15-percent rate brackets, and AMT exemption amount
• Nonrefundable personal credits allowed against AMT
• Provisions relating to military personnel
• Certain expenses of elementary and secondary school teachers
• Disclosure of return information relating to student loans, and more.

More information about the act can be found in a detailed article by BNA at http://www.bnatax.com/tm/dtr_story_family1.htm

The text of the act can be found at: http://www.bnatax.com/tm/HR1308_Act_Language.pdf

Check back at our site for a more detailed explanation of the act shortly after the act has been signed by President Bush.