Job Creation and Worker Assistance Act of 2002
Latest Action
Became Public Law No: 107-147.
Official Summary
Economic Security and Recovery Act of 2001 - Amends the Internal Revenue Code to provide temporary (extensions for one or two years or provisions applicable only to events occurring after September 10, 2001, and before a certain date) and permanent tax relief for both individuals and businesses, including: (1) allowing additional specified depreciation for qualified property; (2) increased expensing; (3) repealing the alternative minimum tax on corporations; (4) extending the net operating loss carry back period; (5) accelerating the 25 percent individual income tax rate effective date; (6) repealing the five year holding requirement for reduced individual capital gains rates; (7) increasing the deduction for capital losses of individual taxpayers; (8) expanding the penalty free withdrawal exception for IRA distributions used for health insurance of unemployed individuals; (9) extending the period during which nonrefundable personal credits are allowed against regular and alternative minimum tax liability; (10) extending the credits for qualified electric vehicles, electricity produced from renewable resources, work opportunity, and welfare-to-work; and (11) provisions concerning the deduction for clean fuel vehicles and certain refueling property, qualified zone academy bonds, parity in the application of certain limits to mental health benefits, Archer medical savings accounts, and the subpart F (Controlled Foreign Corporations) exemption for active financing.Provides for a supplemental rebate.Provides for the transfer of specified Federal unemployment account amounts to State unemployment accounts.Amends title XX (Block Grants to States for Social Services) of the Social Security Act to increase funding for FY 2002.
GovScope Watchdog™
AI Government Intelligence™The Job Creation and Worker Assistance Act of 2002 provides a combination of temporary and permanent tax relief measures aimed at individuals and businesses. It includes provisions such as increased depreciation allowances, repeal of the corporate alternative minimum tax, extensions of tax credits, and adjustments to capital gains and loss deductions. The Act also addresses unemployment funding transfers to states and increases social service block grant funding for fiscal year 2002.
This bill enacts tax relief and unemployment funding measures to support economic recovery and worker assistance following events in 2001.
- Provides temporary and permanent tax relief for individuals and businesses, including increased depreciation and expensing.
- Repeals the corporate alternative minimum tax and accelerates certain individual income tax rate changes.
- Transfers federal unemployment funds to states and increases social service block grant funding for FY 2002.
Individuals and businesses potentially benefit from tax relief provisions; unemployed workers and state unemployment programs benefit from funding transfers; social service programs may benefit from increased block grant funding.
Potential concerns include the fiscal impact of tax revenue reductions and increased spending, the complexity of implementing multiple tax code changes, and the limited information on long-term effects beyond the temporary provisions.
As a House-originated bill in the 107th Congress focused on taxation, this legislation was enacted into law in March 2002, shortly after significant economic disruptions in 2001, reflecting a policy focus on economic recovery and worker assistance.
No hidden impact flags detected
GovScope reviewed 11 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
The tax relief and funding provisions may stimulate economic activity and support unemployed individuals, potentially affecting state budgets and federal tax revenues. Changes to tax rates and credits could influence investment and spending behaviors.
The full bill text is not provided, limiting detailed analysis. Citizens may want to review the specific tax code amendments and funding mechanisms to understand the full scope and duration of benefits and obligations. Monitoring fiscal impacts and implementation timelines will be important for transparency.
GovScope Intelligence Roadmap
Future bill intelligence will connect sponsors, committee referrals, related votes, campaign finance, disclosures, and stock trades into one legislative intelligence view.