[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 3401 Placed on Calendar Senate (PCS)]
Calendar No. 460
112th CONGRESS
2d Session
S. 3401
To amend the Internal Revenue Code of 1986 to temporarily extend tax
relief provisions enacted in 2001 and 2003, to provide for temporary
alternative minimum tax relief, to extend increased expensing
limitations, and to provide instructions for tax reform.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
July 18, 2012
Mr. Hatch (for himself and Mr. McConnell) introduced the following
bill; which was read the first time
July 19, 2012
Read the second time and placed on the calendar
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to temporarily extend tax
relief provisions enacted in 2001 and 2003, to provide for temporary
alternative minimum tax relief, to extend increased expensing
limitations, and to provide instructions for tax reform.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Tax Relief Act of 2012''.
SEC. 2. TEMPORARY EXTENSION OF 2001 TAX RELIEF.
(a) In General.--Section 901 of the Economic Growth and Tax Relief
Reconciliation Act of 2001 is amended by striking ``December 31, 2012''
both places it appears and inserting ``December 31, 2013''.
(b) Effective Date.--The amendment made by this section shall take
effect as if included in the enactment of the Economic Growth and Tax
Relief Reconciliation Act of 2001.
SEC. 3. TEMPORARY EXTENSION OF 2003 TAX RELIEF.
(a) In General.--Section 303 of the Jobs and Growth Tax Relief
Reconciliation Act of 2003 is amended by striking ``December 31, 2012''
and inserting ``December 31, 2013''.
(b) Effective Date.--The amendment made by this section shall take
effect as if included in the enactment of the Jobs and Growth Tax
Relief Reconciliation Act of 2003.
SEC. 4. ALTERNATIVE MINIMUM TAX RELIEF.
(a) Temporary Extension of Increased Alternative Minimum Tax
Exemption Amount.--
(1) In general.--Paragraph (1) of section 55(d) of the
Internal Revenue Code of 1986 is amended--
(A) by striking ``$72,450'' and all that follows
through ``2011'' in subparagraph (A) and inserting
``$78,750 in the case of taxable years beginning in
2012 and $79,850 in the case of taxable years beginning
in 2013'', and
(B) by striking ``$47,450'' and all that follows
through ``2011'' in subparagraph (B) and inserting
``$50,600 in the case of taxable years beginning in
2012 and $51,150 in the case of taxable years beginning
in 2013''.
(b) Temporary Extension of Alternative Minimum Tax Relief for
Nonrefundable Personal Credits.--
(1) In general.--Paragraph (2) of section 26(a) of the
Internal Revenue Code of 1986 is amended--
(A) by striking ``or 2011'' and inserting ``2011,
2012, or 2013'', and
(B) by striking ``2011'' in the heading thereof and
inserting ``2013''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2011.
SEC. 5. EXTENSION OF INCREASED EXPENSING LIMITATIONS AND TREATMENT OF
CERTAIN REAL PROPERTY AS SECTION 179 PROPERTY.
(a) In General.--
(1) Dollar limitation.--Section 179(b)(1) of the Internal
Revenue Code of 1986 is amended--
(A) by striking ``2010 or 2011,'' in subparagraph
(B) and inserting ``2010, 2011, 2012, or 2013, and'',
(B) by striking subparagraph (C),
(C) by redesignating subparagraph (D) as
subparagraph (C), and
(D) in subparagraph (C), as so redesignated, by
striking ``2012'' and inserting ``2013''.
(2) Reduction in limitation.--Section 179(b)(2) of such
Code is amended--
(A) by striking ``2010 or 2011,'' in subparagraph
(B) and inserting ``2010, 2011, or 2012, and'',
(B) by striking subparagraph (C),
(C) by redesignating subparagraph (D) as
subparagraph (C), and
(D) in subparagraph (C), as so redesignated, by
striking ``2012'' and inserting ``2013''.
(3) Conforming amendment.--Subsection (b) of section 179 of
such Code is amended by striking paragraph (6).
(b) Computer Software.--Section 179(d)(1)(A)(ii) of the Internal
Revenue Code of 1986 is amended by striking ``2013'' and inserting
``2014''.
(c) Election.--Section 179(c)(2) of the Internal Revenue Code of
1986 is amended by striking ``2013'' and inserting ``2014''.
(d) Special Rules for Treatment of Qualified Real Property.--
(1) In general.--Section 179(f)(1) of the Internal Revenue
Code of 1986 is amended by striking ``2010 or 2011'' and
inserting ``2010, 2011, 2012, or 2013''.
(2) Carryover limitation.--
(A) In general.--Section 179(f)(4) of such Code is
amended by striking ``2011'' each place it appears and
inserting ``2013''.
(B) Conforming amendment.--The heading for
subparagraph (C) of section 179(f)(4) of such Code is
amended by striking ``2010'' and inserting ``2010, 2011
and 2012''.
(e) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2011.
SEC. 6. INSTRUCTIONS FOR TAX REFORM.
(a) In General.--The Senate Committee on Finance shall report
legislation not later than 12 months after the date of the enactment of
this Act that consists of changes in laws within its jurisdiction which
meet the requirements of subsection (b).
(b) Requirements.--Legislation meets the requirements of this
subsection if the legislation--
(1) simplifies the Internal Revenue Code of 1986 by
reducing the number of tax preferences and reducing individual
tax rates proportionally, with the highest individual tax rate
significantly below 35 percent;
(2) permanently repeals the alternative minimum tax;
(3) is projected, when compared to the current tax policy
baseline, to be revenue neutral or result in revenue losses;
(4) has a dynamic effect which is projected to stimulate
economic growth and lead to increased revenue;
(5) applies any increased revenue from stimulated economic
growth to additional rate reductions and does not permit any
such increased revenue to be used for additional Federal
spending;
(6) retains a progressive tax code; and
(7) provides for revenue-neutral reform of the taxation of
corporations and businesses by--
(A) providing a top tax rate on corporations of no
more than 25 percent; and
(B) implementing a competitive territorial tax
system.
Calendar No. 460
112th CONGRESS
2d Session
S. 3401
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to temporarily extend tax
relief provisions enacted in 2001 and 2003, to provide for temporary
alternative minimum tax relief, to extend increased expensing
limitations, and to provide instructions for tax reform.
_______________________________________________________________________
July 19, 2012
Read the second time and placed on the calendar