H.R. 8 Job Protection and Recession Prevention Act of 2012

112TH CONGRESS
2D SESSION H. R. 8

To extend certain tax relief provisions enacted in 2001 and 2003, and for
other purposes.

IN THE HOUSE OF REPRESENTATIVES

JULY 24, 2012

Mr. CAMP (for himself, Mr. HERGER, Mr. SAM JOHNSON of Texas, Mr.
BRADY of Texas, Mr. RYAN of Wisconsin, Mr. DAVIS of Kentucky, Mr.
REICHERT, Mr. BOUSTANY, Mr. ROSKAM, Mr. GERLACH, Mr. PRICE of
Georgia, Mr. BUCHANAN, Mr. SCHOCK, Ms. JENKINS, Mr. BERG, Mrs.
BLACK, Mr. REED, Mr. TIBERI, Mr. NUNES, Mr. SMITH of Nebraska,
Mr. PAULSEN, Mr. MARCHANT, and Mr. DOLD) introduced the following
bill; which was referred to the Committee on Ways and Means, and in
addition to the Committee on the Budget, for a period to be subsequently
determined by the Speaker, in each case for consideration of such provisions
as fall within the jurisdiction of the committee concerned
A BILL
To extend certain tax relief provisions enacted in 2001 and
2003, and for other purposes.
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.
4 This Act may be cited as the ‘‘Job Protection and
5 Recession Prevention Act of 2012’’.
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1 SEC. 2. EXTENSION OF 2001 AND 2003 TAX RELIEF.
2 (a) EXTENSION OF 2001 TAX RELIEF.—
3 (1) IN GENERAL.—Section 901 of the Economic
4 Growth and Tax Relief Reconciliation Act of 2001 is
5 amended by striking ‘‘December 31, 2012’’ both
6 places it appears and inserting ‘‘December 31,
7 2013’’.
8 (2) EFFECTIVE DATE.—The amendments made
9 by this section shall take effect as if included in the
10 enactment of the Economic Growth and Tax Relief
11 Reconciliation Act of 2001.
12 (b) EXTENSION OF 2003 TAX RELIEF.—
13 (1) IN GENERAL.—Section 303 of the Jobs and
14 Growth Tax Relief Reconciliation Act of 2003 is
15 amended by striking ‘‘December 31, 2012’’ and in16
serting ‘‘December 31, 2013’’.
17 (2) EFFECTIVE DATE.—The amendment made
18 by this section shall take effect as if included in the
19 enactment of the Jobs and Growth Tax Relief Rec20
onciliation Act of 2003.
21 SEC. 3. EXTENSION OF INCREASED SMALL BUSINESS EX22
PENSING.
23 (a) DOLLAR LIMITATION.—Section 179(b)(1) of the
24 Internal Revenue Code of 1986 is amended—
25 (1) by striking ‘‘and’’ at the end of subpara26
graph (C), by redesignating subparagraph (D) as
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1 subparagraph (E), and by inserting after subpara2
graph (C) the following new subparagraph:
3 ‘‘(D) $100,000 in the case of taxable years
4 beginning in 2013, and’’, and
5 (2) by striking ‘‘2012’’ in subparagraph (E) (as
6 redesignated by paragraph (1)) and inserting
7 ‘‘2013’’.
8 (b) REDUCTION IN LIMITATION.—Section 179(b)(2)
9 of such Code is amended—
10 (1) by striking ‘‘and’’ at the end of subpara11
graph (C), by redesignating subparagraph (D) as
12 subparagraph (E), and by inserting after subpara13
graph (C) the following new subparagraph:
14 ‘‘(D) $400,000 in the case of taxable years
15 beginning in 2013, and’’, and
16 (2) by striking ‘‘2012’’ in subparagraph (E) (as
17 redesignated by paragraph (1)) and inserting
18 ‘‘2013’’.
19 (c) APPLICATION OF INFLATION ADJUSTMENT.—
20 Section 179(b)(6)(A) of such Code is amended—
21 (1) by striking ‘‘calendar year 2012, the
22 $125,000 and $500,000 amounts in paragraphs
23 (1)(C) and (2)(C)’’ in the matter preceding clause
24 (i) and inserting ‘‘calendar year 2013, the $100,000
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1 and $400,000 amounts in paragraphs (1)(D) and
2 (2)(D)’’, and
3 (2) by striking ‘‘calendar year 2006’’ in clause
4 (ii) and inserting ‘‘calendar year 2002’’.
5 (d) COMPUTER SOFTWARE.—Section
6 179(d)(1)(A)(ii) of such Code is amended by striking
7 ‘‘2013’’ and inserting ‘‘2014’’.
8 (e) SPECIAL RULE FOR REVOCATION OF ELEC9
TIONS.—Section 179(c)(2) of such Code is amended by
10 striking ‘‘2013’’ and inserting ‘‘2014’’.
11 (f) EFFECTIVE DATE.—The amendments made by
12 this section shall apply to taxable years beginning after
13 December 31, 2012.
14 SEC. 4. EXTENSION OF ALTERNATIVE MINIMUM TAX RE15
LIEF FOR INDIVIDUALS.
16 (a) EXTENSION OF INCREASED ALTERNATIVE MIN17
IMUM TAX EXEMPTION AMOUNT.—Section 55(d)(1) of
18 the Internal Revenue Code of 1986 is amended—
19 (1) by striking ‘‘$72,450’’ and all that follows
20 through ‘‘2011’’ in subparagraph (A) and inserting
21 ‘‘$78,750 in the case of taxable years beginning in
22 2012 and $79,850 in the case of taxable years be23
ginning in 2013’’, and
24 (2) by striking ‘‘$47,450’’ and all that follows
25 through ‘‘2011’’ in subparagraph (B) and inserting
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1 ‘‘$50,600 in the case of taxable years beginning in
2 2012 and $51,150 in the case of taxable years be3
ginning in 2013’’.
4 (b) EXTENSION OF ALTERNATIVE MINIMUM TAX RE5
LIEF FOR NONREFUNDABLE PERSONAL CREDITS.—Sec6
tion 26(a)(2) of such Code is amended—
7 (1) by striking ‘‘during 2000, 2001, 2002,
8 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010,
9 or 2011’’ and inserting ‘‘after 1999 and before
10 2014’’, and
11 (2) by striking ‘‘2011’’ in the heading thereof
12 and inserting ‘‘2013’’.
13 (c) EFFECTIVE DATE.—The amendments made by
14 this section shall apply to taxable years beginning after
15 December 31, 2011.
16 SEC. 5. TREATMENT FOR PAYGO PURPOSES.
17 The budgetary effects of this Act shall not be entered
18 on either PAYGO scorecard maintained pursuant to sec19
tion 4(d) of the Statutory Pay-As-You-Go Act of 2010.
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