HB 15 Middle Class Tax Cut Act

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.