Middle Class and Small Business Tax Relief Act of 2012

Summary

Middle Class and Small Business Tax Relief Act of 2012 - Makes provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) permanent for taxpayers whose adjusted gross incomes do not exceed a specified base amount (i.e., $200,000 for individual taxpayers and $250,000 for married couples filing jointly). Revises income tax rates to increase to 39.6% the maximum income tax rate for taxpayers whose incomes exceed the base amount. Makes provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 that reduce the tax rate on dividend and capital gains income for taxpayers whose incomes do not exceed the base amount permanent. Increases to 20% the tax rate on dividend and capital gains income for taxpayers whose incomes are  above the base amount. Amends the Internal Revenue Code to extend for an additional year: (1) the increased Hope Scholarship tax credit (designated as the American Opportunity Tax Credit), (2) the increase in the refundable portion of the child tax credit, (3) the increased percentage of the earned income tax credit for taxpayers with three or more qualifying children, (4) the disregard of tax refunds for purposes of determining eligibility for certain means tested federal programs, (5) the increased exemption from the alternative minimum tax (AMT) for individual taxpayers, and (6) the offset against the AMT for certain nonrefundable personal tax credits. Extends until December 31, 2013, the estate, gift, and generation-skipping transfer provisions of EGTRRA.

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Timeline

1. 1 August 2012

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 1 August 2012

   Introduced

   Introduced in House

   Source: IntroReferral

3. 1 August 2012

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 1 August 2012 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 1 August 2012

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 1 August 2012

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 1 August 2012

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Loebsack, David [D-IA-2] · D · Sponsor
• Rep. Boswell, Leonard L. [D-IA-3] · D · Sponsor
• Rep. Garamendi, John [D-CA-8] · D · Sponsor
• Rep. Hochul, Kathleen C. [D-NY-26] · D · Cosponsor
• · hswm00 · Standing

Related records

• related to → Middle Class Tax Cut Act
• related to → Fair and Impartial Reform Tax Act of 2011
• related to → Middle Class Tax Cut Protection Act of 2012
• related to → Working Families Tax Protection Act of 2012
• related to ← Middle Class Tax Cut Act
• related to ← Middle Class Tax Cut Act