The New Tax Act: Planning Opportunities and Pitfalls

    by Ellen J. Boling

    Congress passed the Jobs & Growth Tax Relief Reconciliation Act of 2003 into law on May 28, 2003, with a number of tax rate reduction provisions that will create new individual income tax planning opportunities and suggest changes in personal investment strategies.

    Individuals with substantial investment income can expect significant tax savings this year, as well as over the next seven years, if they take advantage of the planning opportunities. However, in considering an investment strategy change, you should know that most of the provisions are only temporary, with differing dates of expiration.

    In this article, we highlight the individual income tax planning and investment strategies suggested by the tax changes.

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    → Ellen J. Boling