Senator
Reid introduces the “Middle Class Tax Cut Act.”
On July 17, Senate Majority Leader Harry Reid
(D-NV) introduced the “Middle Class Tax Cut Act,” to reflect President Obama's plan
to extend through 2013 the 2001 (EGTRRA) and 2003 (JGTRRA) tax cuts for
taxpayers other than those with “higher income” (generally, those making over
$250,000 for marrieds filing jointly, and over $200,000 for single taxpayers).
The legislation also would:
·
Extend through 2013
some 2010 Tax Relief Act changes (e.g., expanded American Opportunity Tax
Credit, child tax credit).
·
Modify the estate and
gift tax rules for 2013 (e.g., providing a 45% maximum estate tax rate and a
$3.5 million exclusion amount).
·
Provide another
one-year (i.e., through 2012) alternative minimum tax (AMT) “patch” (increasing
AMT exemption amounts, and generally allowing nonrefundable personal credits to
be used to offset AMT).
Republicans have stated their opposition to
any plan that doesn't extend the EGTRRA and JGTRRA tax breaks for all
taxpayers.
112TH CONGRESS
2D SESSION
S. ll
To amend the Internal
Revenue Code of 1986 to provide tax relief to middleclass
families.
IN
THE SENATE OF THE UNITED STATES
llllllllll
Mr. REID introduced the
following bill; which was read twice and referred to
the Committee
A BILL
To
amend the Internal Revenue Code of 1986 to provide
tax
relief to middle-class families.
1 Be it enacted by the Senate and House of Representa2
tives of the United States of
America in Congress assembled,
3 SECTION 1. SHORT TITLE;
ETC.
4 (a) SHORT TITLE.—This
Act may be cited as the
5 ‘‘Middle Class Tax Cut Act’’.
6 (b) AMENDMENT
OF 1986 CODE.—Except as other7
wise
expressly provided, whenever in this Act an amend8
ment
or repeal is expressed in terms of an amendment
9 to, or repeal of, a section
or other provision, the reference
2
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1 shall be considered to be
made to a section or other provi2
sion
of the Internal Revenue Code of 1986.
3 (c) TABLE
OF CONTENTS.—The table of contents of
4 this Act is as follows:
Sec.
1. Short title; etc.
TITLE
I—TEMPORARY EXTENSION OF TAX RELIEF
Sec.
101. Temporary extension of 2001 tax relief.
Sec.
102. Temporary extension of 2003 tax relief.
Sec.
103. Temporary extension of 2010 tax relief.
Sec.
104. Temporary extension of election to expense certain depreciable business
assets.
TITLE
II—ESTATE TAX RELIEF
Sec.
201. Modifications to estate, gift, and generation-skipping transfer taxes.
TITLE
III—ALTERNATIVE MINIMUM TAX RELIEF
Sec.
301. Temporary extension of increased alternative minimum tax exemption
amount.
Sec.
302. Temporary extension of alternative minimum tax relief for nonrefundable
personal
credits.
TITLE
IV—BUDGETARY EFFECTS
Sec.
401. Budgetary effects.
5 TITLE I—TEMPORARY
6 EXTENSION OF TAX RELIEF
7 SEC. 101. TEMPORARY
EXTENSION OF 2001 TAX RELIEF.
8 (a) TEMPORARY
EXTENSION.—
9 (1) IN
GENERAL.—Section 901 of the Economic
10 Growth and Tax Relief
Reconciliation Act of 2001 is
11 amended by striking ‘‘December
31, 2012’’ both
12 places it appears and
inserting ‘‘December 31,
13 2013’’.
14 (2) EFFECTIVE
DATE.—The amendment made
15 by this subsection
shall take effect as if included in
3
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1 the enactment of the Economic
Growth and Tax Re2
lief
Reconciliation Act of 2001.
3 (b) APPLICATION
TO CERTAIN HIGH-INCOME
TAX4
PAYERS.—
5 (1) INCOME
TAX RATES.—
6 (A) TREATMENT
OF 25- AND 28- PERCENT
7 RATE BRACKETS.—Paragraph
(2) of section
8 1(i) is amended to read as
follows:
9 ‘‘(2) 25- AND
28- PERCENT RATE BRACKETS.—
10 The tables under
subsections (a), (b), (c), (d), and
11 (e) shall be applied—
12 ‘‘(A) by substituting ‘25%’
for ‘28%’ each
13 place it appears (before
the application of sub14
paragraph
(B)), and
15 ‘‘(B) by substituting ‘28%’
for ‘31%’ each
16 place it appears.’’.
17 (B) 33-PERCENT
RATE BRACKET.—Sub18
section
(i) of section 1 is amended by redesig19
nating
paragraph (3) as paragraph (4) and by
20 inserting after
paragraph (2) the following new
21 paragraph:
22 ‘‘(3) 33-PERCENT
RATE BRACKET.—
23 ‘‘(A) IN
GENERAL.—In the case of taxable
24 years beginning after
December 31, 2012—
4
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1 ‘‘(i) the rate of tax under
subsections
2 (a), (b), (c), and (d) on a
taxpayer’s tax3
able
income in the fourth rate bracket shall
4 be 33 percent to the extent
such income
5 does not exceed an amount
equal to the ex6
cess
of—
7 ‘‘(I) the applicable amount,
over
8 ‘‘(II) the dollar amount at
which
9 such bracket begins, and
10 ‘‘(ii) the 36 percent
rate of tax under
11 such subsections shall
apply only to the
12 taxpayer’s taxable
income in such bracket
13 in excess of the
amount to which clause (i)
14 applies.
15 ‘‘(B) APPLICABLE
AMOUNT.—For purposes
16 of this paragraph, the
term ‘applicable amount’
17 means the excess of—
18 ‘‘(i) the applicable
threshold, over
19 ‘‘(ii) the sum of the
following amounts
20 in effect for the
taxable year:
21 ‘‘(I) the basic
standard deduction
22 (within the meaning of
section
23 63(c)(2)), and
24 ‘‘(II) the exemption
amount
25 (within the meaning of
section
5
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1 151(d)(1) (or, in the case of
sub2
section
(a), 2 such exemption
3 amounts).
4 ‘‘(C) APPLICABLE
THRESHOLD.—For pur5
poses
of this paragraph, the term ‘applicable
6 threshold’ means—
7 ‘‘(i) $250,000 in the case of
sub8
section
(a),
9 ‘‘(ii) $225,000 in the case
of sub10
section
(b),
11 ‘‘(iii) $200,000 in
the case of sub12
sections
(c), and
13 ‘‘(iv) 1⁄2 the
amount applicable under
14 clause (i) (after
adjustment, if any, under
15 subparagraph (E)) in
the case of sub16
section
(d).
17 ‘‘(D) FOURTH
RATE BRACKET.—For pur18
poses
of this paragraph, the term ‘fourth rate
19 bracket’ means the
bracket which would (deter20
mined
without regard to this paragraph) be the
21 36-percent rate
bracket.
22 ‘‘(E) INFLATION
ADJUSTMENT.—For pur23
poses
of this paragraph, with respect to taxable
24 years beginning in
calendar years after 2012,
25 each of the dollar
amounts under clauses (i),
6
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1 (ii), and (iii) of
subparagraph (C) shall be ad2
justed
in the same manner as under paragraph
3 (1)(C), except that
subsection (f)(3)(B) shall be
4 applied by substituting ‘2008’
for ‘1992’.’’.
5 (2) PHASEOUT
OF PERSONAL EXEMPTIONS AND
6 ITEMIZED DEDUCTIONS.—
7 (A) OVERALL
LIMITATION ON ITEMIZED
8 DEDUCTIONS.—Section
68 is amended—
9 (i) by striking ‘‘the
applicable
10 amount’’ the first
place it appears in sub11
section
(a) and inserting ‘‘the applicable
12 threshold in effect
under section 1(i)(3)’’,
13 (ii) by striking ‘‘the
applicable
14 amount’’ in subsection
(a)(1) and inserting
15 ‘‘such applicable
threshold’’,
16 (iii) by striking
subsection (b) and re17
designating
subsections (c), (d), and (e) as
18 subsections (b), (c),
and (d), respectively,
19 and
20 (iv) by striking
subsections (f) and
21 (g).
22 (B) PHASEOUT
OF DEDUCTIONS FOR PER23
SONAL
EXEMPTIONS.—
24 (i) IN
GENERAL.—Paragraph (3) of
25 section 151(d) is
amended—
7
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1 (I) by striking ‘‘the
threshold
2 amount’’ in subparagraphs (A)
and
3 (B) and inserting ‘‘the
applicable
4 threshold in effect under
section
5 1(i)(3)’’,
6 (II) by striking subparagraph
(C)
7 and redesignating
subparagraph (D)
8 as subparagraph (C), and
9 (III) by striking
subparagraphs
10 (E) and (F).
11 (ii) CONFORMING
AMENDMENTS.—
12 Paragraph (4) of
section 151(d) is amend13
ed—
14 (I) by striking
subparagraph (B),
15 (II) by redesignating
clauses (i)
16 and (ii) of
subparagraph (A) as sub17
paragraphs
(A) and (B), respectively,
18 and by indenting such
subparagraphs
19 (as so redesignated)
accordingly, and
20 (III) by striking all
that precedes
21 ‘‘in a calendar year
after 1989,’’ and
22 inserting the
following:
23 ‘‘(4) INFLATION
ADJUSTMENT.—In the case of
24 any taxable year beginning’’.
8
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1 (c) EFFECTIVE
DATE.—Except as otherwise pro2
vided,
the amendments made by this section shall apply
3 to taxable years beginning
after December 31, 2012.
4 (d) APPLICATION
OF EGTRRA SUNSET.—Each
5 amendment made by subsection (b)
shall be subject to title
6 IX of the Economic Growth and
Tax Relief Reconciliation
7 Act of 2001 to the same
extent and in the same manner
8 as if such amendment was
included in title I of such Act.
9 SEC. 102. TEMPORARY
EXTENSION OF 2003 TAX RELIEF.
10 (a) EXTENSION.—
11 (1) IN
GENERAL.—Section 303 of the Jobs and
12 Growth Tax Relief
Reconciliation Act of 2003 is
13 amended by striking ‘‘December
31, 2012’’ and in14
serting
‘‘December 31, 2013’’.
15 (2) EFFECTIVE
DATE.—The amendment made
16 by this subsection
shall take effect as if included in
17 the enactment of the
Jobs and Growth Tax Relief
18 Reconciliation Act of
2003.
19 (b) 20-PERCENT
CAPITAL GAINS RATE
FOR CERTAIN
20 HIGH INCOME
INDIVIDUALS.—
21 (1) IN
GENERAL.—Paragraph (1) of section
22 1(h) is amended by
striking subparagraph (C), by
23 redesignating
subparagraphs (D) and (E) as sub24
paragraphs
(E) and (F) and by inserting after sub25
paragraph
(B) the following new subparagraphs:
9
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1 ‘‘(C) 15 percent of the
lesser of—
2 ‘‘(i) so much of the adjusted
net cap3
ital
gain (or, if less, taxable income) as ex4
ceeds
the amount on which a tax is deter5
mined
under subparagraph (B), or
6 ‘‘(ii) the excess (if any) of—
7 ‘‘(I) the amount of taxable
in8
come which
would (without regard to
9 this paragraph) be taxed at a
rate
10 below 36 percent, over
11 ‘‘(II) the sum of the
amounts on
12 which a tax is
determined under sub13
paragraphs
(A) and (B),
14 ‘‘(D) 20 percent of
the adjusted net capital
15 gain (or, if less,
taxable income) in excess of the
16 sum of the amounts on
which tax is determined
17 under subparagraphs
(B) and (C),’’.
18 (2) MINIMUM
TAX.—Paragraph (3) of section
19 55(b) is amended by
striking subparagraph (C), by
20 redesignating
subparagraph (D) as subparagraph
21 (E), and by inserting
after subparagraph (B) the
22 following new
subparagraphs:
23 ‘‘(C) 15 percent of
the lesser of—
24 ‘‘(i) so much of the
adjusted net cap25
ital
gain (or, if less, taxable excess) as ex10
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1 ceeds the amount on which tax
is deter2
mined
under subparagraph (B), or
3 ‘‘(ii) the excess described
in section
4 1(h)(1)(C)(ii), plus
5 ‘‘(D) 20 percent of the
adjusted net capital
6 gain (or, if less, taxable
excess) in excess of the
7 sum of the amounts on which
tax is determined
8 under subparagraphs (B) and
(C), plus’’.
9 (c) CONFORMING
AMENDMENTS.—
10 (1) The following
provisions are each amended
11 by striking ‘‘15
percent’’ and inserting ‘‘20 per12
cent’’:
13 (A) Section 531.
14 (B) Section 541.
15 (C) Section
1445(e)(1).
16 (D) The second
sentence of section
17 7518(g)(6)(A).
18 (E) Section
53511(f)(2) of title 46, United
19 States Code.
20 (2) Sections
1(h)(1)(B) and 55(b)(3)(B) are
21 each amended by
striking ‘‘5 percent (0 percent in
22 the case of taxable
years beginning after 2007)’’ and
23 inserting ‘‘0 percent’’.
24 (3) Section 1445(e)(6)
is amended by striking
25 ‘‘15 percent (20
percent in the case of taxable years
11
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1 beginning after December 31,
2010)’’ and inserting
2 ‘‘20 percent’’.
3 (d) EFFECTIVE
DATES.—
4 (1) IN
GENERAL.—Except as otherwise pro5
vided,
the amendments made by subsections (b) and
6 (c) shall apply to taxable
years beginning after De7
cember
31, 2012.
8 (2) WITHHOLDING.—The
amendments made by
9 paragraphs (1)(C) and (3) of
subsection (c) shall
10 apply to amounts paid
on or after January 1, 2013.
11 (e) APPLICATION
OF JGTRRA SUNSET.—Each
12 amendment made by
subsections (b) and (c) shall be sub13
ject to
section 303 of the Jobs and Growth Tax Relief
14 Reconciliation Act of
2003 to the same extent and in the
15 same manner as if such
amendment was included in title
16 III of such Act.
17 SEC. 103. TEMPORARY
EXTENSION OF 2010 TAX RELIEF.
18 (a) AMERICAN
OPPORTUNITY TAX CREDIT.—
19 (1) IN
GENERAL.—Section 25A(i) is amended
20 by striking ‘‘or 2012’’
and inserting ‘‘2012, or
21 2013’’.
22 (2) TREATMENT
OF POSSESSIONS.—Section
23 1004(c)(1) of division
B of the American Recovery
24 and Reinvestment Tax
Act of 2009 is amended by
12
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1 striking ‘‘and 2012’’ each
place it appears and in2
serting
‘‘2012, and 2013’’.
3 (b) CHILD TAX CREDIT.—Section
24(d)(4) is amend4
ed—
5 (1) by striking ‘‘AND 2012’’
in the heading and
6 inserting ‘‘2012, AND 2013’’,
and
7 (2) by striking ‘‘or 2012’’
and inserting ‘‘2012,
8 or 2013’’.
9 (c) EARNED
INCOME TAX CREDIT.—Section
32(b)(3)
10 is amended—
11 (1) by striking ‘‘AND 2012’’
in the heading and
12 inserting ‘‘2012, AND 2013’’,
and
13 (2) by striking ‘‘or 2012’’
and inserting ‘‘2012,
14 or 2013’’.
15 (d) TEMPORARY
EXTENSION OF RULE DIS16
REGARDING
REFUNDS IN THE ADMINISTRATION OF FED17
ERAL PROGRAMS
AND FEDERALLY ASSISTED PRO18
GRAMS.—Subsection
(b) of section 6409 is amended by
19 striking ‘‘December
31, 2012’’ and inserting ‘‘December
20 31, 2013’’.
21 (e) EFFECTIVE
DATES.—
22 (1) IN
GENERAL.—Except as provided in para23
graph
(2), the amendments made by this section
24 shall apply to taxable
years beginning after Decem25
ber
31, 2012.
13
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1 (2) RULE
DISREGARDING REFUNDS IN THE AD2
MINISTRATION
OF CERTAIN PROGRAMS.—The
3 amendment made by subsection
(d) shall apply to
4 amounts received after
December 31, 2012.
5 SEC. 104. TEMPORARY
EXTENSION OF ELECTION TO EX6
PENSE CERTAIN DEPRECIABLE BUSINESS
AS7
SETS.
8 (a) IN GENERAL.—
9 (1) DOLLAR
LIMITATION.—Section 179(b)(1) is
10 amended—
11 (A) by striking ‘‘and’’
at the end of sub12
paragraph
(C),
13 (B) by redesignating
subparagraph (D) as
14 subparagraph (E),
15 (C) by inserting after
subparagraph (C)
16 the following new
subparagraph:
17 ‘‘(D) $250,000 in the
case of taxable years
18 beginning in 2013, and’’,
and
19 (D) in subparagraph
(E), as so redesig20
nated,
by striking ‘‘2012’’ and inserting
21 ‘‘2013’’.
22 (2) REDUCTION
IN LIMITATION.—Section
23 179(b)(2) is amended—
24 (A) by striking ‘‘and’’
at the end of sub25
paragraph
(C),
14
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1 (B) by redesignating
subparagraph (D) as
2 subparagraph (E),
3 (C) by inserting after
subparagraph (C)
4 the following new subparagraph:
5 ‘‘(D) $800,000 in the case of
taxable years
6 beginning in 2013, and’’, and
7 (D) in subparagraph (E), as
so redesig8
nated,
by striking ‘‘2012’’ and inserting
9 ‘‘2013’’.
10 (b) COMPUTER
SOFTWARE.—Section
11 179(d)(1)(A)(ii) is amended
by striking ‘‘2013’’ and in12
serting
‘‘2014’’.
13 (c) ELECTION.—Section
179(c)(2) is amended by
14 striking ‘‘2013’’ and
inserting ‘‘2014’’.
15 (d) EFFECTIVE
DATE.—The amendments made by
16 this section shall
apply to taxable years beginning after
17 December 31, 2012.
18 TITLE II—ESTATE TAX RELIEF
19 SEC. 201. MODIFICATIONS TO
ESTATE, GIFT, AND GENERA20
TION-SKIPPING TRANSFER
TAXES.
21 (a) MODIFICATIONS
TO ESTATE TAX.—
22 (1) EXCLUSION
AMOUNT.—Paragraph (3) of
23 section 2010(c) is amended
to read as follows:
15
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1 ‘‘(3) BASIC
EXCLUSION AMOUNT.—For pur2
poses
of this section, the basic exclusion amount is
3 $3,500,000.’’.
4 (2) MAXIMUM
ESTATE TAX RATE.—The table in
5 subsection (c) of section
2001 is amended by strik6
ing ‘‘Over
$500,000’’ and all that follows and insert7
ing
the following:
Over
$500,000 but not over
$750,000.
$155,800,
plus 37 percent of the excess
of
such amount over
$500,000.
Over
$750,000 but not over
$1,000,000.
$248,300,
plus 39 percent of the excess
of
such amount over
$750,000.
Over
$1,000,000 but not over
$1,250,000.
$345,800,
plus 41 percent of the excess
of
such amount over
$1,000,000.
Over
$1,250,000 but not over
$1,500,000.
$448,300,
plus 43 percent of the excess
of
such amount over
$1,250,000.
Over
$1,500,000 ............................ $555,800, plus 45 percent of the excess
of
such amount over
$1,500,000.’’.
8 (b) MODIFICATIONS
OF ESTATE AND GIFT TAXES
TO
9 REFLECT
DIFFERENCES IN CREDIT RESULTING
FROM
10 DIFFERENT
TAX RATES AND EXCLUSION
AMOUNTS.—
11 (1) CHANGING
TAX RATES.—Notwithstanding
12 section 304 of the Tax
Relief, Unemployment Insur13
ance
Reauthorization, and Job Creation Act of
14 2010, section 901 of
the Economic Growth and Tax
15 Relief Reconciliation
Act of 2001 shall not apply to
16 the amendments made by
section 302(d) of the Tax
17 Relief, Unemployment
Insurance Reauthorization,
18 and Job Creation Act
of 2010.
16
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1 (2) DECREASING
EXCLUSIONS.—
2 (A) ESTATE
TAX ADJUSTMENT.—Section
3 2001 is amended by adding at
the end the fol4
lowing
new subsection:
5 ‘‘(h) ADJUSTMENT
TO REFLECT CHANGES IN EX6
CLUSION
AMOUNT.—
7 ‘‘(1) IN
GENERAL.—If, with respect to any gift
8 to which subsection (b)(2)
applies, the applicable ex9
clusion
amount in effect at the time of the dece10
dent’s
death is less than such amount in effect at
11 the time such gift is
made by the decedent, the
12 amount of tax computed
under subsection (b) shall
13 be reduced by the
amount of tax which would have
14 been payable under
chapter 12 at the time of the
15 gift if the applicable
exclusion amount in effect at
16 such time had been the
applicable exclusion amount
17 in effect at the time
of the decedent’s death and the
18 modifications
described in subsection (g) had been
19 applicable at the time
of such gifts.
20 ‘‘(2) LIMITATION.—The
aggregate amount of
21 gifts made in any
calendar year to which the reduc22
tion
under paragraph (1) applies shall not exceed
23 the excess of—
24 ‘‘(A) the applicable
exclusion amount in ef25
fect
for such calendar year, over
17
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1 ‘‘(B) the applicable
exclusion amount in ef2
fect
at the time of the decedent’s death.
3 ‘‘(3) APPLICABLE
EXCLUSION AMOUNT.—The
4 term ‘applicable exclusion
amount’ means, with re5
spect
to any period, the amount determined under
6 section 2010(c) for such
period, except that in the
7 case of any period for which
such amount includes
8 the deceased spousal unused
exclusion amount (as
9 defined in section
2010(c)(4)), such term shall mean
10 the basic exclusion
amount (as defined under section
11 2010(c)(3), as in
effect for such period).’’.
12 (B) GIFT
TAX ADJUSTMENT.—Section
13 2502 is amended by
adding at the end the fol14
lowing
new subsection:
15 ‘‘(d) ADJUSTMENT
TO REFLECT CHANGES IN EX16
CLUSION
AMOUNT.—
17 ‘‘(1) IN
GENERAL.—If the taxpayer made a tax18
able
gift in an applicable preceding calendar period,
19 the amount of tax
computed under subsection (a)
20 shall be reduced by
the amount of tax which would
21 have been payable under
chapter 12 for such appli22
cable
preceding calendar period if the applicable ex23
clusion
amount in effect for such preceding calendar
24 period had been the
applicable exclusion amount in
25 effect for the
calendar year for which the tax is
18
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1 being computed and the
modifications described in
2 subsection (g) had been
applicable for such pre3
ceding
calendar period.
4 ‘‘(2) LIMITATION.—The
aggregate amount of
5 gifts made in any applicable
preceding calendar pe6
riod
to which the reduction under paragraph (1) ap7
plies
shall not exceed the excess of—
8 ‘‘(A) the applicable
exclusion amount for
9 such preceding calendar
period, over
10 ‘‘(B) the applicable
exclusion amount for
11 the calendar year for
which the tax is being
12 computed.
13 ‘‘(3) APPLICABLE
PRECEDING CALENDAR YEAR
14 PERIOD.—The
term ‘applicable preceding calendar
15 year period’ means any
preceding calendar year pe16
riod
in which the applicable exclusion amount ex17
ceeded
the applicable exclusion amount for the cal18
endar
year for which the tax is being computed.
19 ‘‘(4) APPLICABLE
EXCLUSION AMOUNT.—The
20 term ‘applicable
exclusion amount’ means, with re21
spect
to any period, the amount determined under
22 section 2010(c) for
such period, except that in the
23 case of any period for
which such amount includes
24 the deceased spousal
unused exclusion amount (as
25 defined in section
2010(c)(4)), such term shall mean
19
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1 the basic exclusion amount
(as defined under section
2 2010(c)(3), as in effect for
such period).’’.
3 (c) EFFECTIVE
DATE.—The amendments made by
4 this section shall apply to
estates of decedents dying, and
5 generation-skipping transfers
and gifts made, after De6
cember
31, 2012.
7 (d) APPLICATION
OF EGTRRA SUNSET.—Section
8 901 of the Economic Growth
and Tax Relief Reconcili9
ation
Act shall apply to the amendments made by sub10
section
(a).
11 TITLE III—ALTERNATIVE
12 MINIMUM TAX RELIEF
13 SEC. 301. TEMPORARY
EXTENSION OF INCREASED ALTER14
NATIVE MINIMUM TAX
EXEMPTION AMOUNT.
15 (a) IN GENERAL.—Paragraph
(1) of section 55(d) is
16 amended—
17 (1) by striking ‘‘$72,450’’
and all that follows
18 through ‘‘2011’’ in
subparagraph (A) and inserting
19 ‘‘$78,750 in the case
of taxable years beginning in
20 2012’’, and
21 (2) by striking ‘‘$47,450’’
and all that follows
22 through ‘‘2011’’ in
subparagraph (B) and inserting
23 ‘‘$50,600 in the case
of taxable years beginning in
24 2012’’.
20
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1 (b) EFFECTIVE
DATE.—The amendments made by
2 this section shall apply to
taxable years beginning after
3 December 31, 2011.
4 SEC. 302. TEMPORARY
EXTENSION OF ALTERNATIVE MIN5
IMUM TAX RELIEF FOR
NONREFUNDABLE
6 PERSONAL CREDITS.
7 (a) IN GENERAL.—Paragraph
(2) of section 26(a) is
8 amended—
9 (1) by striking ‘‘or 2011’’
and inserting ‘‘2011,
10 or 2012’’, and
11 (2) by striking ‘‘2011’’ in
the heading thereof
12 and inserting ‘‘2012’’.
13 (b) EFFECTIVE
DATE.—The amendments made by
14 this section shall
apply to taxable years beginning after
15 December 31, 2011.
16 TITLE IV—BUDGETARY EFFECTS
17 SEC. 401. BUDGETARY
EFFECTS.
18 (a) PAYGO SCORECARD.—The
budgetary effects of
19 this Act shall not be
entered on either PAYGO scorecard
20 maintained pursuant to
section 4(d) of the Statutory Pay-
21 As-You-Go Act of 2010.
22 (b) SENATE
PAYGO SCORECARD.—The budgetary
23 effects of this Act
shall not be entered on any PAYGO
24 scorecard maintained
for purposes of section 201 of S.
25 Con
Res. 21 (110
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