S 3401 PCSCommentsClose CommentsPermalink

Calendar No. 460CommentsClose CommentsPermalink

112th CONGRESSCommentsClose CommentsPermalink

2d SessionCommentsClose CommentsPermalink

S. 3401CommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to temporarily extend tax relief provisions enacted in 2001 and 2003, to provide for temporary alternative minimum tax relief, to extend increased expensing limitations, and to provide instructions for tax reform.CommentsClose CommentsPermalink

IN THE SENATE OF THE UNITED STATESCommentsClose CommentsPermalink

July 18, 2012CommentsClose CommentsPermalink

Mr. HATCH (for himself and Mr. MCCONNELL) introduced the following bill; which was read the first timeCommentsClose CommentsPermalink

July 19, 2012CommentsClose CommentsPermalink

Read the second time and placed on the calendarCommentsClose CommentsPermalink

A BILLCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to temporarily extend tax relief provisions enacted in 2001 and 2003, to provide for temporary alternative minimum tax relief, to extend increased expensing limitations, and to provide instructions for tax reform.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.

This Act may be cited as the ‘Tax Relief Act of 2012’.CommentsClose CommentsPermalink

SEC. 2. TEMPORARY EXTENSION OF 2001 TAX RELIEF.

(a) 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





(b) Effective Date- The amendment made by this section shall take effect as if included in the enactment of the Economic Growth and Tax Relief Reconciliation Act of 2001.CommentsClose CommentsPermalink

SEC. 3. TEMPORARY EXTENSION OF 2003 TAX RELIEF.

(a) 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





(b) Effective Date- The amendment made by this section shall take effect as if included in the enactment of the Jobs and Growth Tax Relief Reconciliation Act of 2003.CommentsClose CommentsPermalink

SEC. 4. ALTERNATIVE MINIMUM TAX RELIEF.

(a) Temporary Extension of Increased Alternative Minimum Tax Exemption Amount-CommentsClose CommentsPermalink





(1) IN GENERAL- Paragraph (1) of section 55(d) of the Internal Revenue Code of 1986 is amended--CommentsClose CommentsPermalink





(A) 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 and $79,850 in the case of taxable years beginning in 2013’, andCommentsClose CommentsPermalink





(B) 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 and $51,150 in the case of taxable years beginning in 2013’.CommentsClose CommentsPermalink





(b) Temporary Extension of Alternative Minimum Tax Relief for Nonrefundable Personal Credits-CommentsClose CommentsPermalink





(1) IN GENERAL- Paragraph (2) of section 26(a) of the Internal Revenue Code of 1986 is amended--CommentsClose CommentsPermalink





(A) by striking ‘or 2011’ and inserting ‘2011, 2012, or 2013’, andCommentsClose CommentsPermalink





(B) by striking ‘2011’ in the heading thereof and inserting ‘2013’.CommentsClose CommentsPermalink





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

SEC. 5. EXTENSION OF INCREASED EXPENSING LIMITATIONS AND TREATMENT OF CERTAIN REAL PROPERTY AS SECTION 179 PROPERTY.

(a) In General-CommentsClose CommentsPermalink





(1) DOLLAR LIMITATION- Section 179(b)(1) of the Internal Revenue Code of 1986 is amended--CommentsClose CommentsPermalink





(A) by striking ‘2010 or 2011,’ in subparagraph (B) and inserting ‘2010, 2011, 2012, or 2013, and’,CommentsClose CommentsPermalink





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





(C) by redesignating subparagraph (D) as subparagraph (C), andCommentsClose CommentsPermalink





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





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





(A) by striking ‘2010 or 2011,’ in subparagraph (B) and inserting ‘2010, 2011, or 2012, and’,CommentsClose CommentsPermalink





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





(C) by redesignating subparagraph (D) as subparagraph (C), andCommentsClose CommentsPermalink





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





(3) CONFORMING AMENDMENT- Subsection (b) of section 179 of such Code is amended by striking paragraph (6).CommentsClose CommentsPermalink





(b) Computer Software- Section 179(d)(1)(A)(ii) of the Internal Revenue Code of 1986 is amended by striking ‘2013’ and inserting ‘2014’.CommentsClose CommentsPermalink





(c) Election- Section 179(c)(2) of the Internal Revenue Code of 1986 is amended by striking ‘2013’ and inserting ‘2014’.CommentsClose CommentsPermalink





(d) Special Rules for Treatment of Qualified Real Property-CommentsClose CommentsPermalink





(1) IN GENERAL- Section 179(f)(1) of the Internal Revenue Code of 1986 is amended by striking ‘2010 or 2011’ and inserting ‘2010, 2011, 2012, or 2013’.CommentsClose CommentsPermalink





(2) CARRYOVER LIMITATION-CommentsClose CommentsPermalink





(A) IN GENERAL- Section 179(f)(4) of such Code is amended by striking ‘2011’ each place it appears and inserting ‘2013’.CommentsClose CommentsPermalink





(B) CONFORMING AMENDMENT- The heading for subparagraph (C) of section 179(f)(4) of such Code is amended by striking ‘2010’ and inserting ‘2010, 2011 AND 2012’.CommentsClose CommentsPermalink





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

SEC. 6. INSTRUCTIONS FOR TAX REFORM.

(a) In General- The Senate Committee on Finance shall report legislation not later than 12 months after the date of the enactment of this Act that consists of changes in laws within its jurisdiction which meet the requirements of subsection (b).CommentsClose CommentsPermalink





(b) Requirements- Legislation meets the requirements of this subsection if the legislation--CommentsClose CommentsPermalink





(1) simplifies the Internal Revenue Code of 1986 by reducing the number of tax preferences and reducing individual tax rates proportionally, with the highest individual tax rate significantly below 35 percent;CommentsClose CommentsPermalink





(2) permanently repeals the alternative minimum tax;CommentsClose CommentsPermalink





(3) is projected, when compared to the current tax policy baseline, to be revenue neutral or result in revenue losses;CommentsClose CommentsPermalink





(4) has a dynamic effect which is projected to stimulate economic growth and lead to increased revenue;CommentsClose CommentsPermalink





(5) applies any increased revenue from stimulated economic growth to additional rate reductions and does not permit any such increased revenue to be used for additional Federal spending;CommentsClose CommentsPermalink





(6) retains a progressive tax code; andCommentsClose CommentsPermalink





(7) provides for revenue-neutral reform of the taxation of corporations and businesses by--CommentsClose CommentsPermalink





(A) providing a top tax rate on corporations of no more than 25 percent; andCommentsClose CommentsPermalink





(B) implementing a competitive territorial tax system.CommentsClose CommentsPermalink

Calendar No. 460CommentsClose CommentsPermalink

112th CONGRESSCommentsClose CommentsPermalink

2d SessionCommentsClose CommentsPermalink

S. 3401CommentsClose CommentsPermalink

A BILLCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to temporarily extend tax relief provisions enacted in 2001 and 2003, to provide for temporary alternative minimum tax relief, to extend increased expensing limitations, and to provide instructions for tax reform.CommentsClose CommentsPermalink

July 19, 2012CommentsClose CommentsPermalink

Read the second time and placed on the calendarCommentsClose CommentsPermalink