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
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
Plain-English summary
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
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 472.