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HR 6225 112th Congress House Taxation Business investment and capital Capital gains tax General taxation matters Higher education Income tax credits Income tax deductions Income tax exclusion Income tax rates Inflation and prices Interest, dividends, interest rates Marriage and family status Small business State and local taxation Student aid and college costs Taxation of foreign income Transfer and inheritance taxes

To amend the Internal Revenue Code of 1986 to provide for economic growth and personal financial liberty, and for other purposes.

Introduced: July 26, 2012 Introduced by: Walberg, Tim Republican · Michigan See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 26, 2012
Referred to the House Committee on Ways and Means.
Jul 26, 2012
Introduced in House
 Plain-English summary Congressional Research Service

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 tax deduction for tuition and related expenses, and (2) the increased expensing allowance for small business assets.

Repeals the estate tax and the tax on generation-skipping transfers. Modifies tax gift tax rates and allows an increased lifetime gift tax exemption.

Extends for one year the increased exemption from the alternative minimum tax (AMT) for individual taxpayers and the offset against the AMT for certain nonrefundable personal tax credits.

Provides for an inflation adjustment to the basis of certain assets held for more than three years for purposes of determining gain or loss from the disposition of such assets.

What's happening now July 26, 2012

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1