S. 3412 (112th): Middle Class Tax Cut Act

Introduced:
Jul 19, 2012 (112th Congress, 2011–2013)
Sponsor:
Sen. Harry Reid [D-NV]
Status:
Died (Passed Senate)
See Instead:

H.R. 15 (same title)
Referred to Committee — Jul 30, 2012

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced in a previous session of Congress and was passed by the Senate on July 25, 2012 but was never passed by the House.

Progress
Introduced Jul 19, 2012
Reported by Committee Jul 19, 2012
Passed Senate Jul 25, 2012
Votes

On the Amendment S.Amdt. 2573 to S. 3412 (Middle Class Tax Cut Act)
Jul 25, 2012 4:08 p.m.
Amendment Rejected 45/54

Senate Vote on Passage
Jul 25, 2012 4:50 p.m.
Bill Passed 51/48

Cosponsors
none
Full Title

A bill to amend the Internal Revenue Code of 1986 to provide tax relief to middle-class families.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Jul 25, 2012.
18 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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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.

7/25/2012--Passed Senate without amendment. (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Middle Class Tax Cut Act -
Title I - Temporary Extension of Tax Relief
Section 101 -
Extends through 2013 for an individual taxpayer whose adjusted gross income is less than the applicable threshold amount (i.e., $200,000 for individual taxpayers, $225,000 for heads of household, and $250,000 for married couples filing a joint tax return) the tax rate reductions and other tax benefits of the Economic Growth and Tax Relief Reconciliation Act of 2001.
Modifies individual income tax brackets for 2013 to reduce income tax for taxpayers whose adjusted gross income is less than the applicable threshold amount and to increase the income tax rate for taxpayers above such threshold amount.
Provides for an inflation adjustment to the applicable threshold amounts for calendar years beginning after 2012.
Exempts taxpayers whose adjusted gross income is less than the applicable threshold amount from the phase-out of personal exemptions and itemized deductions.
Section 102 -
Extends through 2013 for an individual taxpayer whose adjusted gross income is less than the applicable threshold amount the reduction in the tax rate for dividend and capital gain income enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Increases to 20% the tax rate for capital gains income for taxpayers whose adjusted gross income exceeds the applicable threshold amount.
Section 103 -
Extends through 2013: (1) the increased American Opportunity tax credit, (2) the increase in the refundable portion of the child tax credit, (3) the increased earned income tax credit percentage for three or more qualifying children, and (4) the disregard of tax credits and refunds in determining eligibility for federal and federally-assisted programs (i.e., means tested programs).
Section 104 -
Extends to taxable years beginning in 2013 a $250,000 expensing allowance for depreciable business assets, including computer software. Increases to $800,000 the threshold for a phase-out of the amount of such expensing allowance.
Title II - Alternative Minimum Tax Relief
Section 201 -
Extends to taxable years beginning in 2012 the increased exemption from the alternative minimum tax (AMT) for individual taxpayers.
Section 202 -
Extends to taxable years beginning in 2012 the offset against the AMT for certain nonrefundable personal tax credits.
Title III - Budgetary Effects
Provides that the budgetary effects of this Act shall not be entered on either PAYGO scorecard maintained pursuant to the Statutory Pay-As-You-Go Act of 2010 or any Senate PAYGO scorecard.

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.)