summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
112th Congress
Bill Summary
Working Families Tax Protection Act of 2012 - Extends through 2013 the terminating date for provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 relating to: (1) individual income tax rate reductions, (2) tax benefits related to children and adoption, (3) reduction of the marriage penalty, and (4) education assistance. Denies such extension to taxpayers whose income exceeds $500,000. Extends through 2013 the terminating date for provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 relating to reductions in the tax rate for dividend and capital gain income. Denies such extension to taxpayers whose income is taxed at the maximum income tax rate. Amends the Internal Revenue Code to extend through 2013: (1) the increased American Opportunity tax credit, (2) the increase in the refundable portion of the child tax credit, and (3) the increased earned income tax credit percentage for three or more qualifying children.
AI Summary
This bill, the Working Families Tax Protection Act of 2012, aims to extend certain tax relief measures enacted in 2001, 2003, and 2009 through the end of 2013, primarily for middle-income taxpayers. Specifically, it extends provisions related to individual income tax rate reductions, tax benefits for children and adoption, relief from the marriage penalty, and education assistance, but these extensions will not apply to individuals earning over $500,000. The bill also extends the lower tax rates on dividends and capital gains through 2013, though this extension is denied to those taxed at the highest income tax rate. Additionally, it continues through 2013 the enhanced American Opportunity Tax Credit (a credit for education expenses), an increased refundable portion of the Child Tax Credit (a credit for qualifying children), and a higher Earned Income Tax Credit (a credit for low-to-moderate income workers) for families with three or more children.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to the House Committee on Ways and Means. (on 07/11/2012)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/112th-congress/house-bill/6104/all-info |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-112hr6104ih/pdf/BILLS-112hr6104ih.pdf.pdf |
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