US Congress House Bill 6467 (Prior Session Legislation)

---

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on December 1 2010 - 25% progression, died in committee
Action: 2010-12-01 - Referred to House Budget
Pending: House Budget Committee
Text: Latest bill text (Introduced) [PDF]

Middle Class Tax Relief Act of 2010 - Makes the general terminating date of the Economic Growth and Tax Relief Reconciliation Act of 2010 (EGTRRA) (i.e., December 31, 2010) inapplicable to provisions of that Act relating to individual income tax rate reductions, tax benefits related to children and adoption, marriage penalty relief, and education. Repeals the terminating date of the Jobs Growth Tax Relief Reconciliation Act of 2003 that applies to reductions in the tax rate for capital gains and dividend income, subject to the income thresholds set forth by this Act.. Amends the Internal Revenue Code to: (1) establish permanent reductions in income tax rates for individual taxpayers whose adjusted gross income is $200,000 or less ($250,000 for married couples filing joint tax returns); (2) allow a permanent exemption from limitations on itemized tax deductions and personal exemptions for individual taxpayers whose adjusted gross income is $200,000 or less ($250,000 for married couples filing joint tax returns); (3) allow a 15% tax rate on capital gains and dividend income for individual taxpayers whose adjusted gross income is $200,000 or less ($250,000 for married couples filing joint tax returns); (4) allow a permanent increase in the refundable portion of the child tax credit; (5) make permanent the increased earned income tax credit and the modifications to such credit enacted by EGTRRA; (6) make permanent the increased ($125,000) expensing allowance for depreciable business and investment property; and (7) extend through 2011 the increased alternative minimum tax (AMT) exemption amounts and the offset against the AMT for certain nonrefundable personal tax credits. Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.

Middle Class Tax Relief Act of 2010

Rep. Sander Levin [D-MI]

Date	Chamber	Action
2010-12-01		Referred to House Budget
2010-12-01		Referred to House Ways and Means
2010-12-01		Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

HB4853 (Related) 2010-12-17 - Became Public Law No: 111-312.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/house-bill/6467/all-info
Text	https://www.congress.gov/111/bills/hr6467/BILLS-111hr6467ih.pdf