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Publication 3991, Highlights of the Job Creation and Worker Assistance Act of 2002

• Tax Changes for Individuals
  • 2001 Changes
    • New 5-Year Carryback Rule for Net Operating Losses (NOLs)
    • Wash Sale Rules Do Not Apply to Section 1256 Contracts
    • Other 2001 Changes

  • 2002 Changes
    • Deduction for Educator Expenses
    • Personal Credits Still Allowed Against Alternative Minimum Tax

  • Later Change
    • Child and Dependent Care Expenses

• Tax Changes for Businesses
  • 2001 Changes
    • New 5-Year Carryback Rule for Net Operating Losses (NOLs)
    • Electronic Form 1099
    • Tax Incentives for New York Liberty Zone
    • Other 2001 Changes

  • 2002 Changes
    • Nonaccrual-Experience Method
    • Issuance of Qualified Zone Academy Bonds
    • Depletion
    • Work Opportunity Credit Expanded in New York Liberty Zone
    • Credit For Pension Plan Startup Costs
    • Welfare-to-Work Credit Extended
    • Work Opportunity Credit Extended
    • Electric and Clean-Fuel Vehicles
    • Renewable Electricity Production Credit

  • Later Changes
    • Special Depreciation Allowance
    • Extension of Placed in Service Date
    • Special Liberty Zone Depreciation Allowance for New and Used Property
    • Depreciation of Property Used on Indian Reservations
    • Indian Employment Credit Extended

• IRAs and Other Retirement Plans
  • 2002 Changes
    • Simplified Employee Pensions (SEPs)
    • 403(b) Plans

  • Later Change
    • Deemed IRAs

• Car Expenses
  • Depreciation of Car
    • Special Depreciation Allowance
    • Depreciation Limit

  • Amended Return
  • Election Not To Claim Special Allowance

• Depreciation
  • Special Depreciation Allowance
    • Qualified Property
      • Tests To Be Met
      • Excepted Property

    • Election Not To Claim the Allowance
    • Rules for Returns Filed Before June 1, 2002
    • Passenger Automobiles

  • New York Liberty Zone Benefits
    • Special Liberty Zone Depreciation Allowance
      • Qualified Liberty Zone Property
      • Election Not To Claim the Liberty Zone Allowance

    • Increased Section 179 Deduction
      • Increased Dollar Limit
      • Reduced Dollar Limit
      • Recapture Rules
      • Returns Filed Before June 1, 2002

    • Liberty Zone Leasehold Improvement Property
      • Returns Filed Before June 1, 2002

• How To Get Tax Help

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Index

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A

• Acquisition date, Special depreciation allowance
• Acquisition date, Special Liberty Zone depreciation allowance

B

• Bonds, New York Liberty
• Bonds, Qualified zone academy

C

• Car ( See Passenger automobile )
• Car expenses
• Catch-up contributions, 403(b)
• Church employees and ministers
• Credit
• Credit, Child and dependent care
• Credit, Credit for pension plan startup
• Credit, Electric vehicles
• Credit, Indian employment
• Credit, Welfare-to-work
• Credit, Work opportunity

D

• Deemed IRAs
• Depreciation, New property
• Depreciation, Property on reservations
• Depreciation, Special depreciation allowance
• Depreciation, Supplement to Publication 946

E

• Election, Deemed not to claim special allowance
• Election, Not to claim special allowance
• Election, Not to claim special Liberty Zone allowance
• Eligible educator
• Estimated tax payments
• Excepted property, Special depreciation allowance
• Excepted property, Special Liberty Zone depreciation allowance

F

• Foreign missionaries
• Form 1099

L

• Liberty Zone leasehold improvement property, Returns filed before June 1, 2002
• Liberty Zone property, Increased section 179 dollar limit
• Liberty Zone property, Reduced section 179 dollar limit

M

• Marginal production

N

• New York Liberty Zone, Area defined
• New York Liberty Zone, Leasehold improvement property
• New York Liberty Zone, Section 179 deduction
• New York Liberty Zone, Special depreciation
• New York Liberty Zone, Tax incentives
• NOLs
• NOLs
• Nonaccrual-experience method

P

• Placed in service date
• Placed in service date

Q

• Qualified leasehold improvement property, defined
• Qualified Liberty Zone leasehold improvement property
• Qualified property, Increased section 179 deduction
• Qualified property, Special depreciation allowance
• Qualified property, Special Liberty Zone depreciation allowance

R

• Recapture, section 179 deduction
• Renewable electricity
• Residential rental property
• Rollovers, 403(b) plans

S

• Section 179 deduction, Returns filed before June 1, 2002
• Simplified employee pensions (SEPs)
• Special depreciation allowance, Returns filed before June 1, 2002
• Special Liberty Zone depreciation allowance, Returns filed before June 1, 2002
• Substantial use, special Liberty Zone depreciation allowance
• Suggestions

T

• Taxpayer Advocate
• Tests for qualification
• Tests for qualification
• TTY/TDD information

W

• Wash sale rules

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