US HB15 | 2011-2012 | 112th Congress

Status

Spectrum: Partisan Bill (Democrat 39-0)
Status: Introduced on July 30 2012 - 25% progression, died in chamber
Action: 2012-12-04 - Motion to Discharge Committee filed by Mr. Walz (MN). Petition No: 112-6. ( ">Discharge petition text with signatures.)
Text: Latest bill text (Introduced) [PDF]

Summary

Middle Class Tax Cut Act - Extends through 2013 for a taxpayer whose income is $200,000 or less ($250,000 for married couples filing a joint return): (1) the tax rate reductions and other tax benefits of the Economic Growth and Tax Relief Reconciliation Act of 2001, and (2) 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 income tax rates and phases-out personal exemptions and itemized deductions for certain high-income taxpayers. Amends the Internal Revenue Code to extend 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, (4) the disregard of tax refunds in determining eligibility for federal and federally-assisted programs, and (5) the election to expense depreciable business assets. Extends for one year: (1) the increased exemption amount for the alternative minimum tax (AMT), and (2) the offset against the AMT of certain nonrefundable personal tax credits. Provides that the budgetary effects of this Act shall not be taken into account under the Statutory Pay-As-You-Go Act of 2010.

Tracking Information

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Title

Middle Class Tax Cut Act

Sponsors


History

DateChamberAction
2012-12-04HouseMotion to Discharge Committee filed by Mr. Walz (MN). Petition No: 112-6. ( ">Discharge petition text with signatures.)
2012-07-30HouseReferred to House Budget
2012-07-30HouseReferred to House Ways and Means
2012-07-30HouseReferred 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.

Same As/Similar To

SB3393 (Related) 2012-07-18 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 457.
SB3412 (Related) 2012-07-25 - Passed Senate without amendment by Yea-Nay Vote. 51 - 48. Record Vote Number: 184. (text: CR S5355-5356)
HB6262 (Related) 2012-08-01 - Referred to the House Committee on Ways and Means.

Subjects


US Congress State Sources


Bill Comments

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