S.3420 - Permanent Tax Relief Act112th Congress (2011-2012)
|Sponsor:||Sen. Lee, Mike [R-UT] (Introduced 07/23/2012)|
|Latest Action:||07/24/2012 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 472.|
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Summary: S.3420 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in Senate (07/23/2012)
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.