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H.R. 8 (112th): American Taxpayer Relief Act of 2012

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The text of the bill below is as of Jul 24, 2012 (Introduced).

I

112th CONGRESS

2d Session

H. R. 8

IN THE HOUSE OF REPRESENTATIVES

July 24, 2012

(for himself, Mr. Herger, Mr. Sam Johnson of Texas, Mr. Brady of Texas, Mr. Ryan of Wisconsin, Mr. Davis of Kentucky, Mr. Reichert, Mr. Boustany, Mr. Roskam, Mr. Gerlach, Mr. Price of Georgia, Mr. Buchanan, Mr. Schock, Ms. Jenkins, Mr. Berg, Mrs. Black, Mr. Reed, Mr. Tiberi, Mr. Nunes, Mr. Smith of Nebraska, Mr. Paulsen, Mr. Marchant, and Mr. Dold) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL

To extend certain tax relief provisions enacted in 2001 and 2003, and for other purposes.

1.

Short title

This Act may be cited as the Job Protection and Recession Prevention Act of 2012.

2.

Extension of 2001 and 2003 tax relief

(a)

Extension of 2001 tax relief

(1)

In general

Section 901 of the Economic Growth and Tax Relief Reconciliation Act of 2001 is amended by striking December 31, 2012 both places it appears and inserting December 31, 2013.

(2)

Effective date

The amendments made by this section shall take effect as if included in the enactment of the Economic Growth and Tax Relief Reconciliation Act of 2001.

(b)

Extension of 2003 tax relief

(1)

In general

Section 303 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 is amended by striking December 31, 2012 and inserting December 31, 2013.

(2)

Effective date

The amendment made by this section shall take effect as if included in the enactment of the Jobs and Growth Tax Relief Reconciliation Act of 2003.

3.

Extension of increased small business expensing

(a)

Dollar limitation

Section 179(b)(1) of the Internal Revenue Code of 1986 is amended—

(1)

by striking and at the end of subparagraph (C), by redesignating subparagraph (D) as subparagraph (E), and by inserting after subparagraph (C) the following new subparagraph:

(D)

$100,000 in the case of taxable years beginning in 2013, and

, and

(2)

by striking 2012 in subparagraph (E) (as redesignated by paragraph (1)) and inserting 2013.

(b)

Reduction in limitation

Section 179(b)(2) of such Code is amended—

(1)

by striking and at the end of subparagraph (C), by redesignating subparagraph (D) as subparagraph (E), and by inserting after subparagraph (C) the following new subparagraph:

(D)

$400,000 in the case of taxable years beginning in 2013, and

, and

(2)

by striking 2012 in subparagraph (E) (as redesignated by paragraph (1)) and inserting 2013.

(c)

Application of inflation adjustment

Section 179(b)(6)(A) of such Code is amended—

(1)

by striking calendar year 2012, the $125,000 and $500,000 amounts in paragraphs (1)(C) and (2)(C) in the matter preceding clause (i) and inserting calendar year 2013, the $100,000 and $400,000 amounts in paragraphs (1)(D) and (2)(D), and

(2)

by striking calendar year 2006 in clause (ii) and inserting calendar year 2002.

(d)

Computer software

Section 179(d)(1)(A)(ii) of such Code is amended by striking 2013 and inserting 2014.

(e)

Special rule for revocation of elections

Section 179(c)(2) of such Code is amended by striking 2013 and inserting 2014.

(f)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2012.

4.

Extension of alternative minimum tax relief for individuals

(a)

Extension of increased alternative minimum tax exemption amount

Section 55(d)(1) of the Internal Revenue Code of 1986 is amended—

(1)

by striking $72,450 and all that follows through 2011 in subparagraph (A) and inserting $78,750 in the case of taxable years beginning in 2012 and $79,850 in the case of taxable years beginning in 2013, and

(2)

by striking $47,450 and all that follows through 2011 in subparagraph (B) and inserting $50,600 in the case of taxable years beginning in 2012 and $51,150 in the case of taxable years beginning in 2013.

(b)

Extension of alternative minimum tax relief for nonrefundable personal credits

Section 26(a)(2) of such Code is amended—

(1)

by striking during 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, or 2011 and inserting after 1999 and before 2014, and

(2)

by striking 2011 in the heading thereof and inserting 2013.

(c)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2011.

5.

Treatment for PAYGO purposes

The budgetary effects of this Act shall not be entered on either PAYGO scorecard maintained pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010.