Bill > S3401

This bill, the Tax Relief Act of 2012, temporarily extends several tax provisions through 2013, including those from the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003, which reduced tax rates on dividends and capital gains. It also provides a two-year extension for relief from the Alternative Minimum Tax (AMT), a complex tax calculation designed to ensure everyone pays a minimum amount of tax, by increasing the exemption amounts and allowing certain personal tax credits to offset AMT. Additionally, the bill extends for an additional two years the ability for businesses to immediately deduct the cost of certain depreciable assets, known as expensing, including computer software. Finally, it instructs the Senate Committee on Finance to report tax reform legislation within 12 months, outlining specific goals such as simplifying the tax code, repealing the AMT, and reforming corporate taxation.