Economic Stimulus, Tax Credit Act of 2012
Latest action. Referred to the Committee on Ways and Means, and in addition to the Committee on Armed Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdictionA court's legal authority to hear a case: over the subject matter, the parties, and the territory.Read the full definition (opens a new tab) of the committee concerned.
Economic Stimulus, Tax Credit Act of 2012 - Directs the Secretary of Commerce to establish a debit card stimulus program for issuing pre-loaded six-month debit cards to eligible taxpayers.
Prescribes the amount on the debit card to be the sum of: (1) $5,000 for a taxpayer who filed a joint income tax return for the first taxable year beginning in 2011; (2) $3,000 for a taxpayer who filed an individual income tax return for the same taxable year; plus (3) $500, but only if the taxpayer uses the debit card to acquire a new U.S.-manufactured passenger automobile by way of an 18-month lease (renewable at the lessee's option).
Limits a debit card to taxpaying U.S. citizens whose gross income does not exceed $50,000 ($75,000 for those filing joint returns), plus a phaseout amount calculated according to a specified formula. Excludes individuals claimed as dependents on another taxpayer's income tax return.
Allows use of the debit card to purchase durable goods, clothes, services (other than medical and business-related legal services) performed within the United States, and the residential home mortgage payments of a debtor at least three months in arrears.
Prohibits the use of a debit card for any purchase of a good or service, or the acquisition of a passenger automobile under a lease, if its cost is greater than the amount provided under the debit card stimulus program.
Prescribes certain other restrictions on the use of a debit card.
Allows an income tax employee retention credit to an employer of any qualified retained employee: (1) whose hiring date with the employer follows the beginning of the debit card stimulus program and who first begins work before the end of the program; and (2) who, without a break in service, performs services in the United States for the employer for the six months following the end of the debit card stimulus program (employee retention period).
Sets the amount of an employee retention credit at the excess (if any) of: (1) $3,000 multiplied by the number of qualified retained employees, minus (2) $3,000 multiplied by the number of specified dismissed employees.
The summary continues for 1 more paragraph. Read it in full on Congress.gov
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on December 18, 2012. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on December 18, 2012: Referred to the Committee on Ways and Means, and in addition to the Committee on Armed Services, 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.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 112th Congress (2011-12), 283 of the 10,618 bills and joint resolutions introduced became law, about 2.7 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
ROBERT ANDREWS (D-NJ) introduced it on December 18, 2012. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on December 18, 2012, 5014 days ago. The most recent recorded action was 5014 days ago, on December 18, 2012.
Measures do not carry over. Anything the 112th Congress has not finished by January 3, 2013 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers