Pub. L. 108-27 May. 28, 2003

117 Stat. 754 · Changed 22 sections of the Code

Bill H.R. 2 · House report H. Rept. 108-94 · Conference report H. Rept. 108-126 · Bluebook JCT general explanation (2005)

§ 1 Tax imposed

  • (f)(8)(A) Pub. L. 108–27, § 102(b)(1), substituted “2002” for “2004”.
  • (f)(8)(B) Pub. L. 108–27, § 102(a), inserted table item relating to years 2003 and 2004.
  • (h)(1)(B) Pub. L. 108–27, § 301(a)(1), substituted “5 percent (0 percent in the case of taxable years beginning after 2007)” for…
  • (h)(1)(C) Pub. L. 108–27, § 301(a)(2)(A), substituted “15 percent” for “20 percent”.
  • (h)(2) Pub. L. 108–27, § 301(b)(1)(A), (B), redesignated par. (3) as (2) and struck out heading and text of former par. (2).…
  • (h)(3) Pub. L. 108–27, § 302(e)(1), amended heading and text of par. (3) generally. Prior to amendment, text read as follows…
  • (h)(3) Pub. L. 108–27, § 301(b)(1)(B), redesignated par. (4) as (3). Former par. (3) redesignated (2).
  • (h)(4) (h)(5) (h)(6) (h)(7) Pub. L. 108–27, § 301(b)(1)(B), redesignated pars. (5) to (8) as (4) to (7), respectively. Former par. (4) redesignated…
  • (h)(8) Pub. L. 108–27, § 301(b)(1)(C), redesignated par. (10) as (8). Former par. (8) redesignated (7).
  • (h)(9) Pub. L. 108–27, § 301(b)(1)(A), (C), redesignated par. (11) as (9) and struck out heading and text of former par. (9).…
  • (h)(10) Pub. L. 108–27, § 301(b)(1)(C), redesignated par. (12) as (10). Former par. (10) redesignated (8).
  • (h)(11) Pub. L. 108–27, § 302(a), added par. (11).
  • (h)(11) Pub. L. 108–27, § 301(b)(1)(C), redesignated par. (11) as (9).
  • (h) Pub. L. 108–27, § 301(b)(1)(C), redesignated par. (12) as (10).
  • (i)(1)(B)(i) Pub. L. 108–27, § 104(a), substituted “($12,000 in the case of taxable years beginning after December 31, 2004, and…
  • (i)(1)(C) Pub. L. 108–27, § 104(b), amended heading and text of subpar. (C) generally. Text read as follows: “In prescribing the…
  • (i)(2) Pub. L. 108–27, § 105(a), amended table generally. Prior to amendment, table read as follows:

§ 24 Child tax credit

  • (a) Pub. L. 108–27 amended table by deleting items relating to calendar years 2001 and 2002 and increasing per child amount…

§ 55 Alternative minimum tax imposed

  • (b)(3) Pub. L. 108–27, § 301(b)(2), struck out first sentence of concluding provisions which read as follows: “In the case of…
  • (b)(3)(B) Pub. L. 108–27, § 301(a)(1), substituted “5 percent (0 percent in the case of taxable years beginning after 2007)” for…
  • (b)(3)(C) Pub. L. 108–27, § 301(a)(2)(B), substituted “15 percent” for “20 percent”.
  • (d)(1)(A) Pub. L. 108–27, § 106(a)(1), substituted “$58,000 in the case of taxable years beginning in 2003 and 2004” for “$49,000…
  • (d)(1)(B) Pub. L. 108–27, § 106(a)(2), substituted “$40,250 in the case of taxable years beginning in 2003 and 2004” for “$35,750…

§ 57 Items of tax preference

  • (a)(7) Pub. L. 108–27 substituted “7 percent” for “42 percent” after “An amount equal to” and struck out last sentence which…

§ 63 Taxable income defined

  • (c)(7) Pub. L. 108–27 inserted table item relating to years 2003 and 2004.

§ 163 Interest

  • (d)(4)(B) Pub. L. 108–27 inserted at end “Such term shall include qualified dividend income (as defined in section 1(h)(11)(B))…

§ 168 Accelerated cost recovery system

  • (k) Pub. L. 108–27, § 201(c)(1), substituted “January 1, 2005” for “September 11, 2004” in heading.
  • (k)(2)(A) Pub. L. 108–27, § 201(b)(2), substituted “January 1, 2005” for “September 11, 2004” in subcls. (I) and (II).
  • (k)(2)(B)(ii) Pub. L. 108–27, § 201(b)(1), substituted “pre-January 1, 2005” for “pre-September 11, 2004” in heading and “January 1…
  • (k)(2)(C)(iii) Pub. L. 108–27, § 201(b)(3), inserted at end “The preceding sentence shall be applied separately with respect to…
  • (k)(2)(D)(i) Pub. L. 108–27, § 201(b)(1)(A), substituted “January 1, 2005” for “September 11, 2004”.
  • (k)(4) Pub. L. 108–27, § 201(a), added par. (4).

§ 179 Election to expense certain depreciable business assets

  • (b)(1) Pub. L. 108–27, § 202(a), reenacted heading without change and amended text generally. Prior to amendment, par. (1)…
  • (b)(2) Pub. L. 108–27, § 202(b), inserted “($400,000 in the case of taxable years beginning after 2002 and before 2006)” after…
  • (b)(5) Pub. L. 108–27, § 202(d), added par. (5).
  • (c)(2) Pub. L. 108–27, § 202(e), inserted at end “Any such election or specification with respect to any taxable year…
  • (d)(1) Pub. L. 108–27, § 202(c), reenacted heading without change and amended text generally. Prior to amendment, text read as…

§ 301 Distributions of property

  • (f)(4) Pub. L. 108–27 added par. (4).

§ 306 Dispositions of certain stock

  • (a)(1)(D) Pub. L. 108–27 added subpar. (D).

§ 338 Certain stock purchases treated as asset acquisitions

  • (h)(14) Pub. L. 108–27 struck out heading and text of par. (14). Text read as follows: “For purposes of determining whether…

§ 467 Certain payments for the use of property or services

  • (c)(5)(C) Pub. L. 108–27 struck out “, 341(e)(12),” after “170(e)”.

§ 531 Imposition of accumulated earnings tax

  • § 531 Pub. L. 108–27 substituted “equal to 15 percent of the accumulated taxable income.” for “equal to the product of the…

§ 541 Imposition of personal holding company tax

  • § 541 Pub. L. 108–27 substituted “equal to 15 percent of the undistributed personal holding company income.” for “equal to…

§ 584 Common trust funds

  • (c) Pub. L. 108–27 inserted concluding provisions.

§ 702 Income and credits of partner

  • (a)(5) Pub. L. 108–27 amended par. (5) generally. Prior to amendment, par. (5) read as follows: “dividends with respect to…

§ 854 Limitations applicable to dividends received from regulated investment company

  • (a) Pub. L. 108–27, § 302(c)(1), inserted “section 1(h)(11) (relating to maximum rate of tax on dividends) and” after “For…
  • (b)(1)(B) Pub. L. 108–27, § 302(c)(2), added subpar. (B). Former subpar. (B) redesignated (C).
  • (b)(1)(C) Pub. L. 108–27, § 302(c)(2), (3), redesignated subpar. (B) as (C) and substituted “subparagraph (A) or (B)” for…
  • (b)(2) Pub. L. 108–27, § 302(c)(4), inserted “the maximum rate under section 1(h)(11) and” after “for purposes of”.
  • (b) Pub. L. 108–27, § 302(c)(5), added par. (5).

§ 857 Taxation of real estate investment trusts and their beneficiaries

  • (c) Pub. L. 108–27 reenacted subsec. heading without change and amended text generally. Prior to amendment, text read as…

§ 1255 Gain from disposition of section 126 property

  • (b)(2) Pub. L. 108–27 struck out “, 341(e)(12),” after “170(e)”.

§ 1257 Disposition of converted wetlands or highly erodible croplands

  • (d) Pub. L. 108–27 struck out “, 341(e)(12),” after “170(e)”.

§ 1445 Withholding of tax on dispositions of United States real property interests

  • (e)(1) Pub. L. 108–27 substituted “15 percent” for “20 percent”.

§ 7518 Tax incentives relating to merchant marine capital construction funds

  • (g)(6)(A) Pub. L. 108–27 substituted “15 percent” for “20 percent” in concluding provisions.