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NOTICE Advance Child Tax Credit Treatment (09/02/03)

The Jobs and Growth Tax Relief Reconciliation Act of 2003 increased the maximum Child Tax Credit for 2003 to $1,000 per child, up from $600 for tax year 2002. The law further instructed the Treasury Department to provide the difference - up to $400 per child - as an Advance Child Tax Credit payment to each eligible taxpayer.

Beginning in the last week of July, 2003, eligible taxpayers claiming the Child Tax Credit on their 2002 federal income tax returns will automatically receive an advance payment of the 2003 increase in this credit. The checks - an advance payment of the 2003 increase in the Child Tax Credit - will be based on the child tax credit claimed on the taxpayer's 2002 tax return.

The Advance Child Tax Credit is considered a federal income tax refund and should be treated as tax exempt income in the same way as any income tax refund for Ó£»¨ÊÓƵ gross income tax purposes.