S.3420 - Permanent Tax Relief Act

A bill to permanently extend the 2001 and 2003 tax cuts, to provide for permanent alternative minimum tax relief, and to repeal the estate and generation-skipping transfer taxes, and for other purposes. view all titles (2)

All Bill Titles

  • Official: A bill to permanently extend the 2001 and 2003 tax cuts, to provide for permanent alternative minimum tax relief, and to repeal the estate and generation-skipping transfer taxes, and for other purposes. as introduced.
  • Short: Permanent Tax Relief Act as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
07/23/12
 
 
 
 
 
 
 

Sponsor

Senator

Mike Lee

R-UT

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Official 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

Official 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.

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