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S 3420 112th Congress Senate Taxation Income tax credits Income tax rates Inflation and prices Interest, dividends, interest rates Transfer and inheritance taxes

Permanent Tax Relief Act

Introduced: July 23, 2012 Introduced by: Lee, Mike Republican · Utah See on congress.gov
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This bill died when the 112th Congress ended
It never became law before the 112th Congress (2011–2012) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 24, 2012
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 472.
Jul 23, 2012
Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Jul 23, 2012
Introduced in Senate
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 Plain-English summary Congressional Research Service

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.

What's happening now July 24, 2012

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

 Related & companion bills 3
  • HR 1259 Related bill Death Tax Repeal Permanency Act of 2011
  • S 2242 Related bill Death Tax Repeal Permanency Act of 2012
  • HR 6663 Identical bill To permanently extend the 2001 and 2003 tax cuts.
 Bill text 1 version

Source documents hosted by congress.gov.

 Cosponsors 3
All 3 Republican 3
R
Cornyn, John
Texas · Jul 23, 2012
 R
Johnson, Ron
Wisconsin · Jul 23, 2012
 R
Risch, James E.
Idaho · Jul 23, 2012
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3420: Permanent Tax Relief Act. 112th Congress. Open America. https://openamerica.io/bill/112-S-3420/
MLA
"S. 3420: Permanent Tax Relief Act." 112th Congress, 2026, Open America, https://openamerica.io/bill/112-S-3420/.
Bluebook (legal)
S. 3420, 112th Cong. (2026), https://openamerica.io/bill/112-S-3420/.
Markdown link
[S. 3420: Permanent Tax Relief Act](https://openamerica.io/bill/112-S-3420/)
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