Bill > S3417

This bill, the Tax Hike Prevention Act of 2012, temporarily extends several tax relief provisions originally enacted in 2001 and 2003 through the end of 2013, preventing tax increases that would otherwise occur.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 temporary relief from the Alternative Minimum Tax (AMT), a parallel tax system designed to ensure wealthier individuals pay a minimum amount of tax, by extending higher exemption amounts and allowing certain personal tax credits to offset AMT liability. Additionally, the bill extends increased expensing allowances for businesses, which allows them to deduct the full cost of certain assets, like computer software, in the year they are purchased, rather than depreciating them over time. Finally, it directs the Senate Committee on Finance to report tax reform legislation within 12 months, outlining specific requirements for such legislation, including simplification of the tax code, repeal of the AMT, and a top corporate tax rate of no more than 25 percent.