H.R. 6262 (112th): Middle Class and Small Business Tax Relief Act of 2012

Introduced:
Aug 01, 2012 (112th Congress, 2011–2013)
Sponsor:
Rep. David Loebsack [D-IA2]
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 August 1, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Aug 01, 2012
Referred to Committee Aug 01, 2012
Cosponsors
3 cosponsors (3D) (show)
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 provide tax relief to middle-class families, small businesses, and family farms.

Summary

No summaries available.

Text

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Last updated Aug 01, 2012.
16 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.

8/1/2012--Introduced.
Middle Class and Small Business Tax Relief Act of 2012 - Makes provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) permanent for taxpayers whose adjusted gross incomes do not exceed a specified base amount (i.e., $200,000 for individual taxpayers and $250,000 for married couples filing jointly).
Revises income tax rates to increase to 39.6% the maximum income tax rate for taxpayers whose incomes exceed the base amount.
Makes provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 that reduce the tax rate on dividend and capital gains income for taxpayers whose incomes do not exceed the base amount permanent.
Increases to 20% the tax rate on dividend and capital gains income for taxpayers whose incomes are above the base amount.
Amends the Internal Revenue Code to extend for an additional year:
(1) the increased Hope Scholarship tax credit (designated as the American Opportunity Tax Credit),
(2) the increase in the refundable portion of the child tax credit,
(3) the increased percentage of the earned income tax credit for taxpayers with three or more qualifying children,
(4) the disregard of tax refunds for purposes of determining eligibility for certain means tested federal programs,
(5) the increased exemption from the alternative minimum tax (AMT) for individual taxpayers, and
(6) the offset against the AMT for certain nonrefundable personal tax credits.
Extends until December 31, 2013, the estate, gift, and generation-skipping transfer provisions of EGTRRA.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)