As you may have heard, President Bush signed the Economic Growth and Tax 
Relief Reconciliation Act of 2001 into law (the "Law") this morning.  The Law 
reduces personal income tax rates, modifies the AMT and Estate Tax and makes 
several changes to retirement and education savings incentives.  Further, due 
to the reduction in the personal income tax rates (through the creation of a 
new 10 percent tax bracket carved out from the previous 15 percent bracket) 
without a reduction to the amount currently withheld under the Federal 
withholding tax regime, all taxpayers are slated to receive a rebate of taxes 
that otherwise would have been paid this year - this is the $300, 500 or 600 
"tax refund" that you may have heard of in connection with the Law.  The 
attached documents describe in greater detail the changes I have just 
described.  As always, I can be reached at x30938 should you have any 
questions.  Best regards.  SHD.