Middle Class & Small Business Tax Cut Act of 2012

Summary

Middle Class & Small Business Tax Cut Act of 2012 - Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to extend through 2013 the reductions in employment and self-employment tax rates. Amends the Internal Revenue Code to allow nongovernmental employers a credit against employment tax liability equal to 10% of the increase in any quarterly payroll over a payroll in a corresponding quarter in the previous calendar year. Limits the allowable amount of such credit to $500,000 for all quarters. Directs the Commissioner of Internal Revenue to: (1) notify all employers required to withhold employment taxes of the enactment and applicability of the payroll increase tax credit, and (2) report to Congress on enforcement measures taken to prevent and penalize fraud related to such tax credit.

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Timeline

1. 5 December 2012

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 5 December 2012

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 5 December 2012 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 5 December 2012

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 5 December 2012

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 5 December 2012

  Open at official source

Sponsors

• Sen. Casey, Robert P., Jr. [D-PA] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → Small Business Job Creation Tax Act of 2011