Permanent Tax Relief Act

Summary

Permanent Tax Relief Act - Makes permanent: (1) the Economic Growth and Tax Relief Reconciliation Act of 2001, and (2) provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 that reduce tax rates on dividend and capital gain income. Amends the Internal Revenue Code to make permanent: (1) the increased alternative minimum tax (AMT) exemption amount for individual taxpayers, and (2) the offset against the AMT for certain nonrefundable personal tax credits. Repeals the estate tax and the tax on generation-skipping transfers.  Reduces the maximum gift tax rate to 35%. Allows a lifetime gift tax exemption of $5 million.

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Timeline

1. 23 July 2012

   Introduced

   Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

   Source: Calendars

2. 23 July 2012

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 24 July 2012

   Calendars

   Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 472.

   Source: Calendars

Votes

No vote records are attached yet.

Versions

• Placed on Calendar Senate · 24 July 2012 · Official file

Documents

3 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 24 July 2012

  ViewDownloadOpen at official source

• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 24 July 2012

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 23 July 2012

  Open at official source

Sponsors

• Mike Lee · R · Sponsor
• Sen. Rubio, Marco [R-FL] · R · Sponsor
• James Risch · R · Sponsor
• Sen. DeMint, Jim [R-SC] · R · Sponsor
• John Cornyn · R · Sponsor
• Sen. Vitter, David [R-LA] · R · Sponsor
• Ron Johnson · R · Sponsor

Related records

• related to → Death Tax Repeal Permanency Act of 2011
• related to → Death Tax Repeal Permanency Act of 2012
• related to → To permanently extend the 2001 and 2003 tax cuts.