The new tax law (Job Creation and Worker Assistance Act of 2002) includes changes that are intended to stimulate the economy and create more jobs. Most of the changes will take effect in future years; but there are some changes that will affect a small number of 2001 returns. CAUTION
 At this time, many states are still determining which, if any, portions of the act they wish to incorporate into their tax law and some states have reversed positions announced earlier. If you choose to take advantage of the provisions of the act, you should be aware that if your state changes its position in the future, you may be required to file an amended state return. In addition, if your state does not conform to the 2002 Tax Act, you will have to maintain separate state and federal tax records in order to benefit from the more liberal federal depreciation provisions. As of August 8, 2002, the following states have elected not to adopt the act in its entirety: Read a state by state description of the states' reactions.
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Changes affecting 2001 returns
Your 2001 return will only be affected if you own a business or have purchased property since September 11 (including automobiles) that you:
If you have NOT filed your 2001 federal tax return View all the changes affecting 2001 returns |
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Changes taking effect after 2001
The new tax law includes future changes to depreciable assets, deductions for teachers, child care credit and more. View all the changes for after 2001 |
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