US Congress Senate Bill 3420 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 7-0)
Status: Introduced on July 23 2012 - 25% progression, died in chamber
Action: 2012-07-24 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 472.
Text: Latest bill text (Introduced) [PDF]

Permanent Tax Relief Act - Makes permanent: (1) the Economic Growth and Tax Relief Reconciliation Act of 2001, and (2) provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 that reduce tax rates on dividend and capital gain income. Amends the Internal Revenue Code to make permanent: (1) the increased alternative minimum tax (AMT) exemption amount for individual taxpayers, and (2) the offset against the AMT for certain nonrefundable personal tax credits. Repeals the estate tax and the tax on generation-skipping transfers. Reduces the maximum gift tax rate to 35%. Allows a lifetime gift tax exemption of $5 million.

Permanent Tax Relief Act

Sen. Mike Lee [R-UT]	Sen. John Cornyn [R-TX]	Sen. Jim DeMint [R-SC]	Sen. Ron Johnson [R-WI]
Sen. James Risch [R-ID]	Sen. Marco Rubio [R-FL]	Sen. David Vitter [R-LA]

Date	Chamber	Action
2012-07-24	Senate	Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 472.
2012-07-23	Senate	Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

HB1259 (Related) 2011-03-30 - Referred to the House Committee on Ways and Means.
SB2242 (Related) 2012-03-28 - Read twice and referred to the Committee on Finance.
HB6663 (Same As) 2012-12-13 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/senate-bill/3420/all-info
Text	https://www.congress.gov/112/bills/s3420/BILLS-112s3420pcs.pdf