S. 3660 · 112th Congress
Middle Class & Small Business Tax Cut Act of 2012
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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.
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CaseySponsorNo cosponsors.
Middle Class & Small Business Tax Cut Act of 2012 - Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to extend through 2013 the reductions in employment and self-employment tax rates.
What it does: CRS summary · Introduced in Senate · Dec 5, 2012
Middle Class & Small Business Tax Cut Act of 2012 - Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to extend through 2013 the reductions in employment and self-employment tax rates.
Amends the Internal Revenue Code to allow nongovernmental employers a credit against employment tax liability equal to 10% of the increase in any quarterly payroll over a payroll in a corresponding quarter in the previous calendar year. Limits the allowable amount of such credit to $500,000 for all quarters.
Directs the Commissioner of Internal Revenue to: (1) notify all employers required to withhold employment taxes of the enactment and applicability of the payroll increase tax credit, and (2) report to Congress on enforcement measures taken to prevent and penalize fraud related to such tax credit.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Middle Class & Small Business Tax Cut Act of 2012
Latest action (Dec 5, 2012): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Dec 5, 2012
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.