S 3393 PCSCommentsClose CommentsPermalink

Calendar No. 457CommentsClose CommentsPermalink

112th CONGRESSCommentsClose CommentsPermalink

2d SessionCommentsClose CommentsPermalink

S. 3393CommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to provide tax relief to middle-class families.CommentsClose CommentsPermalink

IN THE SENATE OF THE UNITED STATESCommentsClose CommentsPermalink

July 17, 2012CommentsClose CommentsPermalink

Mr. REID introduced the following bill; which was read the first timeCommentsClose CommentsPermalink

July 18, 2012CommentsClose CommentsPermalink

Read the second time and placed on the calendarCommentsClose CommentsPermalink

A BILLCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to provide tax relief to middle-class families.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE; ETC.

(a) Short Title- This Act may be cited as the ‘Middle Class Tax Cut Act’.CommentsClose CommentsPermalink





(b) Amendment of 1986 Code- Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986.CommentsClose CommentsPermalink





(c) Table of Contents- The table of contents of this Act is as follows:CommentsClose CommentsPermalink





Sec. 1. Short title; etc.CommentsClose CommentsPermalink

TITLE I--TEMPORARY EXTENSION OF TAX RELIEF

Sec. 101. Temporary extension of 2001 tax relief.CommentsClose CommentsPermalink





Sec. 102. Temporary extension of 2003 tax relief.CommentsClose CommentsPermalink





Sec. 103. Temporary extension of 2010 tax relief.CommentsClose CommentsPermalink





Sec. 104. Temporary extension of election to expense certain depreciable business assets.CommentsClose CommentsPermalink

TITLE II--ESTATE TAX RELIEF

Sec. 201. Modifications to estate, gift, and generation-skipping transfer taxes.CommentsClose CommentsPermalink

TITLE III--ALTERNATIVE MINIMUM TAX RELIEF

Sec. 301. Temporary extension of increased alternative minimum tax exemption amount.CommentsClose CommentsPermalink





Sec. 302. Temporary extension of alternative minimum tax relief for nonrefundable personal credits.CommentsClose CommentsPermalink

TITLE IV--BUDGETARY EFFECTS

Sec. 401. Budgetary effects.CommentsClose CommentsPermalink

TITLE I--TEMPORARY EXTENSION OF TAX RELIEFCommentsClose CommentsPermalink

SEC. 101. TEMPORARY EXTENSION OF 2001 TAX RELIEF.

(a) Temporary Extension-CommentsClose CommentsPermalink





(1) IN GENERAL- Section 901 of the Economic Growth and Tax Relief Reconciliation Act of 2001 is amended by striking ‘December 31, 2012’ both places it appears and inserting ‘December 31, 2013’.CommentsClose CommentsPermalink





(2) EFFECTIVE DATE- The amendment made by this subsection shall take effect as if included in the enactment of the Economic Growth and Tax Relief Reconciliation Act of 2001.CommentsClose CommentsPermalink





(b) Application to Certain High-Income Taxpayers-CommentsClose CommentsPermalink





(1) INCOME TAX RATES-CommentsClose CommentsPermalink





(A) TREATMENT OF 25- AND 28-PERCENT RATE BRACKETS- Paragraph (2) of section 1(i) is amended to read as follows:CommentsClose CommentsPermalink





‘(2) 25- AND 28-PERCENT RATE BRACKETS- The tables under subsections (a), (b), (c), (d), and (e) shall be applied--CommentsClose CommentsPermalink





‘(A) by substituting ‘25%’ for ‘28%’ each place it appears (before the application of subparagraph (B)), andCommentsClose CommentsPermalink





‘(B) by substituting ‘28%’ for ‘31%’ each place it appears.’.CommentsClose CommentsPermalink





(B) 33-percent RATE BRACKET- Subsection (i) of section 1 is amended by redesignating paragraph (3) as paragraph (4) and by inserting after paragraph (2) the following new paragraph:CommentsClose CommentsPermalink





‘(3) 33-percent RATE BRACKET-CommentsClose CommentsPermalink





‘(A) IN GENERAL- In the case of taxable years beginning after December 31, 2012--CommentsClose CommentsPermalink





‘(i) the rate of tax under subsections (a), (b), (c), and (d) on a taxpayer’s taxable income in the fourth rate bracket shall be 33 percent to the extent such income does not exceed an amount equal to the excess of--CommentsClose CommentsPermalink





‘(I) the applicable amount, overCommentsClose CommentsPermalink





‘(II) the dollar amount at which such bracket begins, andCommentsClose CommentsPermalink





‘(ii) the 36 percent rate of tax under such subsections shall apply only to the taxpayer’s taxable income in such bracket in excess of the amount to which clause (i) applies.CommentsClose CommentsPermalink





‘(B) APPLICABLE AMOUNT- For purposes of this paragraph, the term ‘applicable amount’ means the excess of--CommentsClose CommentsPermalink





‘(i) the applicable threshold, overCommentsClose CommentsPermalink





‘(ii) the sum of the following amounts in effect for the taxable year:CommentsClose CommentsPermalink





‘(I) the basic standard deduction (within the meaning of section 63(c)(2)), andCommentsClose CommentsPermalink





‘(II) the exemption amount (within the meaning of section 151(d)(1) (or, in the case of subsection (a), 2 such exemption amounts).CommentsClose CommentsPermalink





‘(C) APPLICABLE THRESHOLD- For purposes of this paragraph, the term ‘applicable threshold’ means--CommentsClose CommentsPermalink





‘(i) $250,000 in the case of subsection (a),CommentsClose CommentsPermalink





‘(ii) $225,000 in the case of subsection (b),CommentsClose CommentsPermalink





‘(iii) $200,000 in the case of subsections (c), andCommentsClose CommentsPermalink





‘(iv) 1/2 the amount applicable under clause (i) (after adjustment, if any, under subparagraph (E)) in the case of subsection (d).CommentsClose CommentsPermalink





‘(D) FOURTH RATE BRACKET- For purposes of this paragraph, the term ‘fourth rate bracket’ means the bracket which would (determined without regard to this paragraph) be the 36-percent rate bracket.CommentsClose CommentsPermalink





‘(E) INFLATION ADJUSTMENT- For purposes of this paragraph, with respect to taxable years beginning in calendar years after 2012, each of the dollar amounts under clauses (i), (ii), and (iii) of subparagraph (C) shall be adjusted in the same manner as under paragraph (1)(C), except that subsection (f)(3)(B) shall be applied by substituting ‘2008’ for ‘1992’.’.CommentsClose CommentsPermalink





(2) PHASEOUT OF PERSONAL EXEMPTIONS AND ITEMIZED DEDUCTIONS-CommentsClose CommentsPermalink





(A) OVERALL LIMITATION ON ITEMIZED DEDUCTIONS- Section 68 is amended--CommentsClose CommentsPermalink





(i) by striking ‘the applicable amount’ the first place it appears in subsection (a) and inserting ‘the applicable threshold in effect under section 1(i)(3)’,CommentsClose CommentsPermalink





(ii) by striking ‘the applicable amount’ in subsection (a)(1) and inserting ‘such applicable threshold’,CommentsClose CommentsPermalink





(iii) by striking subsection (b) and redesignating subsections (c), (d), and (e) as subsections (b), (c), and (d), respectively, andCommentsClose CommentsPermalink





(iv) by striking subsections (f) and (g).CommentsClose CommentsPermalink





(B) PHASEOUT OF DEDUCTIONS FOR PERSONAL EXEMPTIONS-CommentsClose CommentsPermalink





(i) IN GENERAL- Paragraph (3) of section 151(d) is amended--CommentsClose CommentsPermalink





(I) by striking ‘the threshold amount’ in subparagraphs (A) and (B) and inserting ‘the applicable threshold in effect under section 1(i)(3)’,CommentsClose CommentsPermalink





(II) by striking subparagraph (C) and redesignating subparagraph (D) as subparagraph (C), andCommentsClose CommentsPermalink





(III) by striking subparagraphs (E) and (F).CommentsClose CommentsPermalink





(ii) CONFORMING AMENDMENTS- Paragraph (4) of section 151(d) is amended--CommentsClose CommentsPermalink





(I) by striking subparagraph (B),CommentsClose CommentsPermalink





(II) by redesignating clauses (i) and (ii) of subparagraph (A) as subparagraphs (A) and (B), respectively, and by indenting such subparagraphs (as so redesignated) accordingly, andCommentsClose CommentsPermalink





(III) by striking all that precedes ‘in a calendar year after 1989,’ and inserting the following:CommentsClose CommentsPermalink





‘(4) INFLATION ADJUSTMENT- In the case of any taxable year beginning’.CommentsClose CommentsPermalink





(c) Effective Date- Except as otherwise provided, the amendments made by this section shall apply to taxable years beginning after December 31, 2012.CommentsClose CommentsPermalink





(d) Application of EGTRRA Sunset- Each amendment made by subsection (b) shall be subject to title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 to the same extent and in the same manner as if such amendment was included in title I of such Act.CommentsClose CommentsPermalink

SEC. 102. TEMPORARY EXTENSION OF 2003 TAX RELIEF.

(a) Extension-CommentsClose CommentsPermalink





(1) IN GENERAL- Section 303 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 is amended by striking ‘December 31, 2012’ and inserting ‘December 31, 2013’.CommentsClose CommentsPermalink





(2) EFFECTIVE DATE- The amendment made by this subsection shall take effect as if included in the enactment of the Jobs and Growth Tax Relief Reconciliation Act of 2003.CommentsClose CommentsPermalink





(b) 20-Percent Capital Gains Rate for Certain High Income Individuals-CommentsClose CommentsPermalink





(1) IN GENERAL- Paragraph (1) of section 1(h) is amended by striking subparagraph (C), by redesignating subparagraphs (D) and (E) as subparagraphs (E) and (F) and by inserting after subparagraph (B) the following new subparagraphs:CommentsClose CommentsPermalink





‘(C) 15 percent of the lesser of--CommentsClose CommentsPermalink





‘(i) so much of the adjusted net capital gain (or, if less, taxable income) as exceeds the amount on which a tax is determined under subparagraph (B), orCommentsClose CommentsPermalink





‘(ii) the excess (if any) of--CommentsClose CommentsPermalink





‘(I) the amount of taxable income which would (without regard to this paragraph) be taxed at a rate below 36 percent, overCommentsClose CommentsPermalink





‘(II) the sum of the amounts on which a tax is determined under subparagraphs (A) and (B),CommentsClose CommentsPermalink





‘(D) 20 percent of the adjusted net capital gain (or, if less, taxable income) in excess of the sum of the amounts on which tax is determined under subparagraphs (B) and (C),’.CommentsClose CommentsPermalink





(2) MINIMUM TAX- Paragraph (3) of section 55(b) is amended by striking subparagraph (C), by redesignating subparagraph (D) as subparagraph (E), and by inserting after subparagraph (B) the following new subparagraphs:CommentsClose CommentsPermalink





‘(C) 15 percent of the lesser of--CommentsClose CommentsPermalink





‘(i) so much of the adjusted net capital gain (or, if less, taxable excess) as exceeds the amount on which tax is determined under subparagraph (B), orCommentsClose CommentsPermalink





‘(ii) the excess described in section 1(h)(1)(C)(ii), plusCommentsClose CommentsPermalink





‘(D) 20 percent of the adjusted net capital gain (or, if less, taxable excess) in excess of the sum of the amounts on which tax is determined under subparagraphs (B) and (C), plus’.CommentsClose CommentsPermalink





(c) Conforming Amendments-CommentsClose CommentsPermalink





(1) The following provisions are each amended by striking ‘15 percent’ and inserting ‘20 percent’:CommentsClose CommentsPermalink





(A) Section 531.CommentsClose CommentsPermalink





(B) Section 541.CommentsClose CommentsPermalink





(C) Section 1445(e)(1).CommentsClose CommentsPermalink





(D) The second sentence of section 7518(g)(6)(A).CommentsClose CommentsPermalink





(E) Section 53511(f)(2) of title 46, United States Code.CommentsClose CommentsPermalink





(2) Sections 1(h)(1)(B) and 55(b)(3)(B) are each amended by striking ‘5 percent (0 percent in the case of taxable years beginning after 2007)’ and inserting ‘0 percent’.CommentsClose CommentsPermalink





(3) Section 1445(e)(6) is amended by striking ‘15 percent (20 percent in the case of taxable years beginning after December 31, 2010)’ and inserting ‘20 percent’.CommentsClose CommentsPermalink





(d) Effective Dates-CommentsClose CommentsPermalink





(1) IN GENERAL- Except as otherwise provided, the amendments made by subsections (b) and (c) shall apply to taxable years beginning after December 31, 2012.CommentsClose CommentsPermalink





(2) WITHHOLDING- The amendments made by paragraphs (1)(C) and (3) of subsection (c) shall apply to amounts paid on or after January 1, 2013.CommentsClose CommentsPermalink





(e) Application of JGTRRA Sunset- Each amendment made by subsections (b) and (c) shall be subject to section 303 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 to the same extent and in the same manner as if such amendment was included in title III of such Act.CommentsClose CommentsPermalink

SEC. 103. TEMPORARY EXTENSION OF 2010 TAX RELIEF.

(a) American Opportunity Tax Credit-CommentsClose CommentsPermalink





(1) IN GENERAL- Section 25A(i) is amended by striking ‘or 2012’ and inserting ‘2012, or 2013’.CommentsClose CommentsPermalink





(2) TREATMENT OF POSSESSIONS- Section 1004(c)(1) of division B of the American Recovery and Reinvestment Tax Act of 2009 is amended by striking ‘and 2012’ each place it appears and inserting ‘2012, and 2013’.CommentsClose CommentsPermalink





(b) Child Tax Credit- Section 24(d)(4) is amended--CommentsClose CommentsPermalink





(1) by striking ‘AND 2012’ in the heading and inserting ‘2012, AND 2013’, andCommentsClose CommentsPermalink





(2) by striking ‘or 2012’ and inserting ‘2012, or 2013’.CommentsClose CommentsPermalink





(c) Earned Income Tax Credit- Section 32(b)(3) is amended--CommentsClose CommentsPermalink





(1) by striking ‘AND 2012’ in the heading and inserting ‘2012, AND 2013’, andCommentsClose CommentsPermalink





(2) by striking ‘or 2012’ and inserting ‘2012, or 2013’.CommentsClose CommentsPermalink





(d) Temporary Extension of Rule Disregarding Refunds in the Administration of Federal Programs and Federally Assisted Programs- Subsection (b) of section 6409 is amended by striking ‘December 31, 2012’ and inserting ‘December 31, 2013’.CommentsClose CommentsPermalink





(e) Effective Dates-CommentsClose CommentsPermalink





(1) IN GENERAL- Except as provided in paragraph (2), the amendments made by this section shall apply to taxable years beginning after December 31, 2012.CommentsClose CommentsPermalink





(2) RULE DISREGARDING REFUNDS IN THE ADMINISTRATION OF CERTAIN PROGRAMS- The amendment made by subsection (d) shall apply to amounts received after December 31, 2012.CommentsClose CommentsPermalink

SEC. 104. TEMPORARY EXTENSION OF ELECTION TO EXPENSE CERTAIN DEPRECIABLE BUSINESS ASSETS.

(a) In General-CommentsClose CommentsPermalink





(1) DOLLAR LIMITATION- Section 179(b)(1) is amended--CommentsClose CommentsPermalink





(A) by striking ‘and’ at the end of subparagraph (C),CommentsClose CommentsPermalink





(B) by redesignating subparagraph (D) as subparagraph (E),CommentsClose CommentsPermalink





(C) by inserting after subparagraph (C) the following new subparagraph:CommentsClose CommentsPermalink





‘(D) $250,000 in the case of taxable years beginning in 2013, and’, andCommentsClose CommentsPermalink





(D) in subparagraph (E), as so redesignated, by striking ‘2012’ and inserting ‘2013’.CommentsClose CommentsPermalink





(2) REDUCTION IN LIMITATION- Section 179(b)(2) is amended--CommentsClose CommentsPermalink





(A) by striking ‘and’ at the end of subparagraph (C),CommentsClose CommentsPermalink





(B) by redesignating subparagraph (D) as subparagraph (E),CommentsClose CommentsPermalink





(C) by inserting after subparagraph (C) the following new subparagraph:CommentsClose CommentsPermalink





‘(D) $800,000 in the case of taxable years beginning in 2013, and’, andCommentsClose CommentsPermalink





(D) in subparagraph (E), as so redesignated, by striking ‘2012’ and inserting ‘2013’.CommentsClose CommentsPermalink





(b) Computer Software- Section 179(d)(1)(A)(ii) is amended by striking ‘2013’ and inserting ‘2014’.CommentsClose CommentsPermalink





(c) Election- Section 179(c)(2) is amended by striking ‘2013’ and inserting ‘2014’.CommentsClose CommentsPermalink





(d) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2012.CommentsClose CommentsPermalink

TITLE II--ESTATE TAX RELIEFCommentsClose CommentsPermalink

SEC. 201. MODIFICATIONS TO ESTATE, GIFT, AND GENERATION-SKIPPING TRANSFER TAXES.

(a) Modifications to Estate Tax-CommentsClose CommentsPermalink





(1) EXCLUSION AMOUNT- Paragraph (3) of section 2010(c) is amended to read as follows:CommentsClose CommentsPermalink





‘(3) BASIC EXCLUSION AMOUNT- For purposes of this section, the basic exclusion amount is $3,500,000.’.CommentsClose CommentsPermalink





(2) MAXIMUM ESTATE TAX RATE- The table in subsection (c) of section 2001 is amended by striking ‘Over $500,000’ and all that follows and inserting the following:CommentsClose CommentsPermalink

‘Over $500,000 but not over $750,000CommentsClose CommentsPermalink

$155,800, plus 37 percent of the excess of such amount over $500,000.CommentsClose CommentsPermalink

Over $750,000 but not over $1,000,000CommentsClose CommentsPermalink

$248,300, plus 39 percent of the excess of such amount over $750,000.CommentsClose CommentsPermalink

Over $1,000,000 but not over $1,250,000CommentsClose CommentsPermalink

$345,800, plus 41 percent of the excess of such amount over $1,000,000.CommentsClose CommentsPermalink

Over $1,250,000 but not over $1,500,000CommentsClose CommentsPermalink

$448,300, plus 43 percent of the excess of such amount over $1,250,000.CommentsClose CommentsPermalink

Over $1,500,000CommentsClose CommentsPermalink

$555,800, plus 45 percent of the excess of such amount over $1,500,000.’.CommentsClose CommentsPermalink

(b) Modifications of Estate and Gift Taxes To Reflect Differences in Credit Resulting From Different Tax Rates and Exclusion Amounts-CommentsClose CommentsPermalink





(1) CHANGING TAX RATES- Notwithstanding section 304 of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, section 901 of the Economic Growth and Tax Relief Reconciliation Act of 2001 shall not apply to the amendments made by section 302(d) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.CommentsClose CommentsPermalink





(2) DECREASING EXCLUSIONS-CommentsClose CommentsPermalink





(A) ESTATE TAX ADJUSTMENT- Section 2001 is amended by adding at the end the following new subsection:CommentsClose CommentsPermalink





‘(h) Adjustment To Reflect Changes in Exclusion Amount-CommentsClose CommentsPermalink





‘(1) IN GENERAL- If, with respect to any gift to which subsection (b)(2) applies, the applicable exclusion amount in effect at the time of the decedent’s death is less than such amount in effect at the time such gift is made by the decedent, the amount of tax computed under subsection (b) shall be reduced by the amount of tax which would have been payable under chapter 12 at the time of the gift if the applicable exclusion amount in effect at such time had been the applicable exclusion amount in effect at the time of the decedent’s death and the modifications described in subsection (g) had been applicable at the time of such gifts.CommentsClose CommentsPermalink





‘(2) LIMITATION- The aggregate amount of gifts made in any calendar year to which the reduction under paragraph (1) applies shall not exceed the excess of--CommentsClose CommentsPermalink





‘(A) the applicable exclusion amount in effect for such calendar year, overCommentsClose CommentsPermalink





‘(B) the applicable exclusion amount in effect at the time of the decedent’s death.CommentsClose CommentsPermalink





‘(3) APPLICABLE EXCLUSION AMOUNT- The term ‘applicable exclusion amount’ means, with respect to any period, the amount determined under section 2010(c) for such period, except that in the case of any period for which such amount includes the deceased spousal unused exclusion amount (as defined in section 2010(c)(4)), such term shall mean the basic exclusion amount (as defined under section 2010(c)(3), as in effect for such period).’.CommentsClose CommentsPermalink





(B) GIFT TAX ADJUSTMENT- Section 2502 is amended by adding at the end the following new subsection:CommentsClose CommentsPermalink





‘(d) Adjustment To Reflect Changes in Exclusion Amount-CommentsClose CommentsPermalink





‘(1) IN GENERAL- If the taxpayer made a taxable gift in an applicable preceding calendar period, the amount of tax computed under subsection (a) shall be reduced by the amount of tax which would have been payable under chapter 12 for such applicable preceding calendar period if the applicable exclusion amount in effect for such preceding calendar period had been the applicable exclusion amount in effect for the calendar year for which the tax is being computed and the modifications described in subsection (g) had been applicable for such preceding calendar period.CommentsClose CommentsPermalink





‘(2) LIMITATION- The aggregate amount of gifts made in any applicable preceding calendar period to which the reduction under paragraph (1) applies shall not exceed the excess of--CommentsClose CommentsPermalink





‘(A) the applicable exclusion amount for such preceding calendar period, overCommentsClose CommentsPermalink





‘(B) the applicable exclusion amount for the calendar year for which the tax is being computed.CommentsClose CommentsPermalink





‘(3) APPLICABLE PRECEDING CALENDAR YEAR PERIOD- The term ‘applicable preceding calendar year period’ means any preceding calendar year period in which the applicable exclusion amount exceeded the applicable exclusion amount for the calendar year for which the tax is being computed.CommentsClose CommentsPermalink





‘(4) APPLICABLE EXCLUSION AMOUNT- The term ‘applicable exclusion amount’ means, with respect to any period, the amount determined under section 2010(c) for such period, except that in the case of any period for which such amount includes the deceased spousal unused exclusion amount (as defined in section 2010(c)(4)), such term shall mean the basic exclusion amount (as defined under section 2010(c)(3), as in effect for such period).’.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall apply to estates of decedents dying, and generation-skipping transfers and gifts made, after December 31, 2012.CommentsClose CommentsPermalink





(d) Application of EGTRRA Sunset- Section 901 of the Economic Growth and Tax Relief Reconciliation Act shall apply to the amendments made by subsection (a).CommentsClose CommentsPermalink

TITLE III--ALTERNATIVE MINIMUM TAX RELIEFCommentsClose CommentsPermalink

SEC. 301. TEMPORARY EXTENSION OF INCREASED ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNT.

(a) In General- Paragraph (1) of section 55(d) is amended--CommentsClose CommentsPermalink





(1) by striking ‘$72,450’ and all that follows through ‘2011’ in subparagraph (A) and inserting ‘$78,750 in the case of taxable years beginning in 2012’, andCommentsClose CommentsPermalink





(2) by striking ‘$47,450’ and all that follows through ‘2011’ in subparagraph (B) and inserting ‘$50,600 in the case of taxable years beginning in 2012’.CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2011.CommentsClose CommentsPermalink

SEC. 302. TEMPORARY EXTENSION OF ALTERNATIVE MINIMUM TAX RELIEF FOR NONREFUNDABLE PERSONAL CREDITS.

(a) In General- Paragraph (2) of section 26(a) is amended--CommentsClose CommentsPermalink





(1) by striking ‘or 2011’ and inserting ‘2011, or 2012’, andCommentsClose CommentsPermalink





(2) by striking ‘2011’ in the heading thereof and inserting ‘2012’.CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2011.CommentsClose CommentsPermalink

TITLE IV--BUDGETARY EFFECTSCommentsClose CommentsPermalink

SEC. 401. BUDGETARY EFFECTS.

(a) PAYGO Scorecard- The budgetary effects of this Act shall not be entered on either PAYGO scorecard maintained pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010.CommentsClose CommentsPermalink





(b) Senate PAYGO Scorecard- The budgetary effects of this Act shall not be entered on any PAYGO scorecard maintained for purposes of section 201 of S. Con. Res. 21 (110th Congress).CommentsClose CommentsPermalink

Calendar No. 457CommentsClose CommentsPermalink

112th CONGRESSCommentsClose CommentsPermalink

2d SessionCommentsClose CommentsPermalink

S. 3393CommentsClose CommentsPermalink

A BILLCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to provide tax relief to middle-class families.CommentsClose CommentsPermalink

July 18, 2012CommentsClose CommentsPermalink

Read the second time and placed on the calendarCommentsClose CommentsPermalink