Bill > S3413

This bill, the Tax Hike Prevention Act of 2012, temporarily extends several tax relief provisions originally enacted in 2001 and 2003 through the end of 2013, preventing tax increases that would otherwise occur. It also provides two additional years of relief from the Alternative Minimum Tax (AMT), a parallel tax system designed to ensure wealthier individuals pay a minimum amount of tax, by increasing the exemption amounts and allowing certain personal tax credits to offset AMT liability. Furthermore, the bill extends the ability for businesses to immediately deduct the cost of certain depreciable assets, including computer software, for an additional two years. Finally, it directs the Senate Committee on Finance to report tax reform legislation within 12 months that aims to simplify the tax code, repeal the AMT, maintain revenue neutrality or slight losses, stimulate economic growth, retain progressivity, and reform corporate taxation with a top rate no higher than 25% and a territorial tax system.