Signed by President Bush May 28, 2003.

1. Increased the Child Tax Credit to $1,000.
   
   
2. Increased the 10% income tax bracket to start at $7,000 for single filers and $14,000 for married filers filing joint returns.
   
   
3. Personal exemption was increased $50 per person but with limitations on high income individuals.
   
   
4. Standard deductions were increased to $9,500 for married people filing jointly, and half of that for a person filing by themselves. Tax rates for everyone earning income over $311,950 will be 35%.
   
   
5. Capital gains of property held over one year and tax on dividends will be 15%. Low income individuals only pay 5% tax on these gains and dividends.
   
   
6. There are other changes that you should discuss with your income tax preparer.