On May 28, Congress passed the third-largest tax cut in history when it signed the ?EUR??,,????'??Jobs and Growth Tax Relief Reconciliation Act of 2003.?EUR??,,????'?? The act will return $210 billion to individuals, businesses, and states over the course of 16 months, and will also mitigate tax burdens for construction firms. The tax cut is projected to give small businesses a big push by allowing them to expense (or immediately deduct) 50% of the cost, a 20% jump from last year?EUR??,,????'???s ?EUR??,,????'??bonus depreciation?EUR??,,????'?? of 30%. The new tax cut also dramatically lowers the amount of tax paid on taxable income via significant rate reductions for ordinary income, and it allows businesses that buy less than $400,000 of equipment in 2003 to expense $100,000 of it before employing the bonus depreciation. Payrolls in the public and private sector will be boosted significantly in 2003, and employment is expected to rise by 383,000 jobs. In 2004, employment should rise by 850,000 jobs, and by 447,000 jobs in 2005. Non-residential investments should increase by $35.8 billion in 2004, and by $25.5 billion in 2005. This final bill includes no offsetting tax increases