Aug. 21, 2003

Closely Held Companies Must Consider New Tax Law's Effect

Focus Column - Tax Law - By Boyd D. Hudson and Robert A. Yahiro - In May, Congress enacted the Jobs and Growth Tax Relief Reconciliation Act of 2003. The act makes a number of significant tax changes, including a decrease in the maximum individual tax rate from 20 percent to 15 percent for sales of capital assets held for more than 12 months (long-term capital gains).