Dear Assistant Secretary Olson and Commissioner Everson:
In December, we introduced the Tax Technical Corrections Act of 2003 (H.R. 3654; S. 1984)as a bipartisan measure to clarify, among other things, various provisions in the Jobs and GrowthTax Relief and Reconciliation Act of 2003 (“JGTRRA") relating to qualified dividend income(“QDI") taxable at a maximum rate of 15 percent. We intend to seek enactment of this legislationat the earliest opportunity during the second session of the 108th Congress.
The technical corrections made by section 2 of this legislation are to be effective as iforiginally included in JGTRRA. It is our intention that this effective date will not change.Therefore, upon enactment of this legislation, these technical corrections will apply to dividendsreceived beginning Jan. 1, 2003.
We advise you of our intent so that you may minimize taxpayer burden and facilitate theadministration of JGTRRA by allowing taxpayers to apply section 2 of the Tax TechnicalCorrections Act of 2003 as if presently enacted.
Sincerely,
Congressman Bill Thomas
Senator Charles E. Grassley Congressman Charles Rangel
Senator Max Baucus
Source: Ranking Member’s News
