This file contains a correction/clarification to yesterday's KETRA update. As is pointed out in this program, Section 303 of the Act does limit these higher rates to provision of Katrina relief. As well, there is a short period where the rate is lower than the rate noted--the new business rate took effect on September 1, but the 70% rule goes into effect on August 25, 2005

Thanks to Michael Wing, CPA on Yahoo Groups' Taxprofessionals group for pointing out these issues.