“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.”
“Job Protection and Recession Prevention Act of 2012 -
Extends through 2013: (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 rates for dividend and capital gain income enacted by the
Jobs and Growth Tax Relief Reconciliation Act of 2003.
Amends the Internal Revenue Code to extend for an additional
year: (1) the increased expensing allowance for depreciable business assets,
including computer software; (2) the increased exemption amount from the
alternative minimum tax (AMT) for individual taxpayers; and (3) the offset
against the AMT for certain nonrefundable personal tax credits.”
