S.3401 - Tax Relief Act of 2012112th Congress (2011-2012)
|Sponsor:||Sen. Hatch, Orrin G. [R-UT] (Introduced 07/18/2012)|
|Latest Action:||Senate - 07/19/2012 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 460. (All Actions)|
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Summary: S.3401 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in Senate (07/18/2012)
Tax Relief Act of 2012 - Extends through 2013: (1) the Economic Growth and Tax Relief Reconciliation Act of 2001, and (2) the reduction in the tax rates for dividend and capital gain income enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003.
Amends the Internal Revenue Code to extend for an additional two years: (1) the increased exemption amount for the alternative minimum tax (AMT); (2) the offset against the AMT for certain nonrefundable personal tax credits; and (3) the increased expensing allowance for depreciable business assets, including computer software.
Directs the Senate Committee on Finance to report tax reform legislation not later than 12 months after the enactment of this Act.