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

Introduced:
Jul 19, 2012 (112th Congress, 2011–2013)
Status:
Died (Passed Senate)
See Instead:

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

Sponsor
Harry Reid
Senior Senator from Nevada
Party
Democrat
Text
Read Text »
Last Updated
Jul 25, 2012
Length
18 pages
Related Bills
H.R. 15 (Related)
Middle Class Tax Cut Act

Referred to Committee
Last Action: Jul 30, 2012

S. 3393 (Related)
Middle Class Tax Cut Act

Reported by Committee
Last Action: Jul 18, 2012

 
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
 
Full Title

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

Summary

No summaries available.

Votes
Jul 25, 2012 4:08 p.m.
Amendment Rejected 45/54
Jul 25, 2012 4:50 p.m.
Bill Passed 51/48

Cosponsors
none
 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

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Citation

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

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.
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

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

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