U.S. Congress - S.3413 Tax Hike Prevention Act of 2012
S.3413 - Tax Hike Prevention Act of 2012
A bill 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. view all titles (2)
All Bill Titles
- Short: Tax Hike Prevention Act of 2012 as introduced.
- Official: A bill 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. as introduced.
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Official Summary
7/19/2012--Introduced.Tax Hike Prevention 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.Official Summary
7/19/2012--Introduced.Tax Hike Prevention 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.
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Organizations Supporting S.3413
- Arkansas Farm Bureau
- National Federation of Independent Business
- Heritage Action for America
- National Association of Manufacturers
Organizations Opposing S.3413
- Americans for Tax Fairness
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