S. 3420 · 112th Congress
Permanent Tax Relief Act
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
LeeSponsor6 cosponsors · 6 R
6 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in Senate · Jul 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Permanent Tax Relief Act
Latest action (Jul 24, 2012): Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 472.
Policy area: Taxation · Origin: Senate · Introduced: Jul 23, 2012
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.