The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) was an omnibus bill passed under President George W. Bush to spur economic growth after the 2001 recession by reducing taxes. The bill had many provisions with the most notable being the reduction of long-term capital gains tax rates from 20% to 15%, making the stock dividends tax rate equivalent to long-term capital gains, and increasing the alternative minimum tax exemption by $4,500 for each individual. The JGTRRA and the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) known as the Bush Tax Cuts have been credited by some for increasing economic activity after 2003, but they also have been critiqued as responsible for sparking too much investment, causing the 2008 recession.
[Last updated in July of 2021 by the Wex Definitions Team]