H.R. 4260 (112th): Adjusting for Income Disparity Act of 2012

Introduced:
Mar 26, 2012 (112th Congress, 2011–2013)
Sponsor:
Rep. Yvette Clarke [D-NY11]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on March 26, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 26, 2012
Referred to Committee Mar 26, 2012
Cosponsors
none
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Internal Revenue Code of 1986 to allow an income disparity tax credit.

Summary

No summaries available.

Text

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Last updated Mar 26, 2012.
7 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

3/26/2012--Introduced.
Adjusting for Income Disparity Act of 2012 - Amends the Internal Revenue Code to allow an individual taxpayer a new tax credit to compensate for income disparity.
Sets the amount of such credit at the applicable credit amount ($2,500 to $5,000) reduced by a specified percentage (3 1/3% to 6 2/3%) of the excess of the taxpayer's modified adjusted gross income over a specified threshold ($15,000 to $30,000), based on the number of the taxpayer's dependents.
Accelerates to December 31, 2011 (currently, December 31, 2012), the termination date for the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) and the provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) providing for a reduction in capital gain and dividend tax rates.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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