S.3660 - Middle Class & Small Business Tax Cut Act of 2012

A bill to extend the payroll tax holiday and to amend the Internal Revenue Code of 1986 to provide a temporary payroll increase tax credit for certain employees. view all titles (2)

All Bill Titles

  • Short: Middle Class & Small Business Tax Cut Act of 2012 as introduced.
  • Official: A bill to extend the payroll tax holiday and to amend the Internal Revenue Code of 1986 to provide a temporary payroll increase tax credit for certain employees. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
12/05/12
 
 
 
 
 
 
 

Official Summary

Middle Class & Small Business Tax Cut Act of 2012 - Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to extend through 2013 the reductions in employment and self-employment tax rates. Amends the Internal Revenue Code to allow nongovernmental employ

Official Summary

Middle Class & Small Business Tax Cut Act of 2012 - Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to extend through 2013 the reductions in employment and self-employment tax rates. Amends the Internal Revenue Code to allow nongovernmental employers a credit against employment tax liability equal to 10% of the increase in any quarterly payroll over a payroll in a corresponding quarter in the previous calendar year. Limits the allowable amount of such credit to $500,000 for all quarters. Directs the Commissioner of Internal Revenue to:
(1) notify all employers required to withhold employment taxes of the enactment and applicability of the payroll increase tax credit, and
(2) report to Congress on enforcement measures taken to prevent and penalize fraud related to such tax credit.

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