Middle Class Tax Cut Act

HB 15 Middle Class Tax Cut Act

US Congress 112th Congress

Middle Class Tax Cut Act
HB-15


About HB-15

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.

  

Bill Texts

Introduced 08/02/2012

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History

Motion To Discharge Committee Filed By Mr. Walz (mn). Petition No: 112-6. ( ">discharge Petition Text With Signatures.)

12/04/2012

Referred 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.

07/30/2012

Referred To House Ways And Means

07/30/2012

Referred To House Budget

07/30/2012