S. 3660 (112th): Middle Class & Small Business Tax Cut Act of 2012

Introduced:
Dec 05, 2012 (112th Congress, 2011–2013)
Sponsor:
Sen. Robert “Bob” Casey Jr. [D-PA]
Status:
Died (Referred to 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 December 5, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Dec 05, 2012
Referred to Committee Dec 05, 2012
Cosponsors
none
Committees

Senate Finance

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

Full Title

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.

Summary

No summaries available.

Text

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Last updated Dec 05, 2012.
9 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.

12/5/2012--Introduced.
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.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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