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

Jul 23, 2012 (112th Congress, 2011–2013)
Died (Reported by Committee)
Mike Lee
Junior Senator from Utah
Read Text »
Last Updated
Jul 24, 2012
16 pages
Related Bills
H.R. 6663 (identical)

Referred to Committee
Last Action: Dec 13, 2012

S. 2242 (Related)
Death Tax Repeal Permanency Act of 2012

Referred to Committee
Last Action: Mar 28, 2012


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

Introduced Jul 23, 2012
Reported by Committee Jul 24, 2012
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.


No summaries available.

Primary Source

THOMAS.gov (The Library of Congress)

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S. stands for Senate bill.

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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.

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

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

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