American Taxpayer Relief Act of 2012

(This measure has not been amended since it was passed by the Senate on January 1, 2013. The summary has been expanded for this version.)

American Taxpayer Relief Act of 2012 - Title I: General Extensions - (Sec. 101) Makes permanent the Economic Growth and Tax Relief Reconciliation Act of 2001 for individual taxpayers whose taxable income is at or below a $400,000 threshold amount ($450,000 for married couples filing a joint return).

Amends the Internal Revenue Code to: (1) revise income tax rates for individual taxpayers whose taxable income is at or below the $400,000 threshold amount ($450,000 for married couples filing a joint return) and increase the rate to 39.6% for taxpayers whose taxable income exceeds the threshold, (2) set the threshold for the phaseout of personal tax exemptions and itemized deductions at $250,000 for individual taxpayers ($300,000 for married couples filing a joint return), and (3) increase the top marginal estate tax rate from 35% to 40%.

(Sec. 102) Makes permanent for individual taxpayers whose taxable income is at or below a $400,000 threshold ($450,000 for married couples filing a joint return) provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 that reduce tax rates for capital gain and dividend income.

Increases the capital gains tax rate from 15% to 20% for taxpayers whose taxable income exceeds the $400,000 threshold amount.

(Sec. 103) Extends through 2017: (1) the American Opportunity tax credit, (2) the child tax credit, and (3) the increased earned income tax credit.

Makes permanent the disregard of tax refunds for determining eligibility for benefits or assistance under any federal program or state or local program financed in whole or in part with federal funds.

(Sec. 104) Establishes a permanent $78,750 exemption from the alternative minimum tax (AMT) for married taxpayers filing a joint tax return ($50,600 for individual taxpayers). Provides for an annual inflation adjustment to such exemption amounts for calendar years after 2012.

The summary continues for 114 more paragraphs. 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 "Public Law" stage on January 2, 2013. It describes the bill, it is not the legal text.

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