When: Signed into law June 7, 2001
Effects: Cut marginal income tax rates, created a new 10% bracket, provided marriage penalty relief, put death tax on path to extinction, repealed pease and pep, increased the child tax credit, increased contribution and deferral limits on IRAs, and created the saver’s credit.
When: Signed into law March 9, 2002.
Effects: Bonus depreciation; temporary extension of net operating loss carry-back period; created NY Liberty Zone tax provisions.
When: Signed into law August 6, 2002.
Effects: 65% refundable tax credit for purchase of health insurance coverage by certain taxpayers eligible for Trade adjustment assistance.
When: Signed into law May 28, 2003.
Effects: Accelerated 2001 rate cuts, reduced rate applied to dividend income and capital gains, extended and expanded bonus depreciation, increased §179 small business expensing.
When: Signed into law December 8, 2003
Effects: Created tax-preferred Health Savings Accounts.
When: Signed into law October 4, 2004
Effects: Extended research and experimentation (R&E) tax credit, $1,000 child credit, marriage tax relief, the 10% bracket to 12/31/2010 and AMT relief through 12/31/2005.
Effects: Extended §179 small business expensing, created an itemized deduction for State and local sales taxes in lieu of State and local income taxes.
Effects: Reduced taxes on consumers who purchase certain energy-efficient cars, on producers of energy from renewable energy sources and on investment in new energy infrastructure.
When: Signed into law December 21, 2005
Effects: Provided 50 percent bonus depreciation, doubled small business expensing, and extended net operating loss carry-back period for businesses in the hurricane-affected region.
When: Signed into law May 17, 2006
Effects: Extended reduction in rate applied to dividend income and capital gains, extended §179 small business expensing, extended AMT relief through 12/31/2006.
What: Treasury Announces End to Long-Distance Telephone Excise Tax
When: May 25, 2006
Effects: Beginning in 2007, the Internal Revenue Service (IRS) will issue refunds of tax on long-distance service for the past three years.
When: Signed into law August 17, 2006
Effects: Made IRA provisions from the 2001 Act permanent, indexed IRA contribution limits to inflation, permanently extended the saver’s credit, permanently extended §529 college savings provisions.
When: Signed into law December 20, 2006
Effects: Extended the R&E tax credit, extended state and local tax deduction, and enhanced HSAs by raising contribution limits, allowing one-time transfers, and making the accounts more flexible by allowing people to contribute to the annual limit irrespective of their plan’s deductible.
When: Signed into law December 26, 2007
Effects: Extended AMT relief through 12/31/2007.
When: Signed into law February 13, 2008.
Effects: Provides over $115 billion in rebate checks to over 128 million households, 50% bonus depreciation for 2008, and temporarily increases Section §179 to $250,000.
Thanks to Jason Thomas for the original version of this document.