HR 15 112th Congress House Taxation Business investment and capital Capital gains tax Computers and information technology Income tax credits Income tax deductions Income tax rates Poverty and welfare assistance Student aid and college costs Tax administration and collection, taxpayers Tax treatment of families Wages and earnings

Middle Class Tax Cut Act

Introduced: July 30, 2012 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Dec 4, 2012

Motion to Discharge Committee filed by Mr. Walz (MN). Petition No: 112-6. (<a href="http://clerk.house.gov/112/lrc/pd/petitions/DisPet0006.xml ">Discharge petition</a> text with signatures.)

Jul 30, 2012

Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Jul 30, 2012

Introduced in House

Plain-English summary Congressional Research Service

Middle Class Tax Cut Act - Extends through 2013 for a taxpayer whose income is $200,000 or less ($250,000 for married couples filing a joint return): (1) the tax rate reductions and other tax benefits of the Economic Growth and Tax Relief Reconciliation Act of 2001, and (2) the reduction in the tax rate for dividend and capital gain income enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Increases income tax rates and phases-out personal exemptions and itemized deductions for certain high-income taxpayers.

Amends the Internal Revenue Code to extend through 2013: (1) the increased American Opportunity tax credit, (2) the increase in the refundable portion of the child tax credit, (3) the increased earned income tax credit percentage for three or more qualifying children, (4) the disregard of tax refunds in determining eligibility for federal and federally-assisted programs, and (5) the election to expense depreciable business assets.

Extends for one year: (1) the increased exemption amount for the alternative minimum tax (AMT), and (2) the offset against the AMT of certain nonrefundable personal tax credits.

Provides that the budgetary effects of this Act shall not be taken into account under the Statutory Pay-As-You-Go Act of 2010.

What's happening now December 4, 2012

Motion to Discharge Committee filed by Mr. Walz (MN). Petition No: 112-6. (<a href="http://clerk.house.gov/112/lrc/pd/petitions/DisPet0006.xml ">Discharge petition</a> text with signatures.)

Committees of jurisdiction 2