S. 3420 (112th): Permanent Tax Relief Act

Introduced:
Jul 23, 2012 (112th Congress, 2011–2013)
Sponsor:
Sen. Mike Lee [R-UT]
Status:
Died (Reported by Committee)

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 on July 24, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Jul 23, 2012
Reported by Committee Jul 24, 2012
Cosponsors
6 cosponsors (6R) (show)
Full Title

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.

Summary

No summaries available.

Text

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Last updated Jul 24, 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.

7/23/2012--Introduced.
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.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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