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S 3401 112th Congress Senate Taxation Business investment and capital Economic performance and conditions Income tax credits Income tax deductions Income tax rates Tax reform and tax simplification U.S. territories and protectorates

Tax Relief Act of 2012

Introduced: July 18, 2012 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 19, 2012
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 460.
Jul 18, 2012
Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Jul 18, 2012
Introduced in Senate
 Plain-English summary Congressional Research Service

Tax Relief Act of 2012 - Extends through 2013: (1) the Economic Growth and Tax Relief Reconciliation Act of 2001, and (2) the reduction in the tax rates for dividend and capital gain income enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Amends the Internal Revenue Code to extend for an additional two years: (1) the increased exemption amount for the alternative minimum tax (AMT); (2) the offset against the AMT for certain nonrefundable personal tax credits; and (3) the increased expensing allowance for depreciable business assets, including computer software.

Directs the Senate Committee on Finance to report tax reform legislation not later than 12 months after the enactment of this Act.

What's happening now July 19, 2012

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 460.

 Cosponsors 1
All 1 Republican 1