American Tax Payer Relief Act of 2012
CCH Tax Briefing
American Taxpayer Relief Act of 2012
Special Report
January 2, 2013
HigHligHts
39.6% Tax Rate For
Incomes Above $400,000
($450,000 Families)
All Other Bush-Era Tax
Rates Extended
20% Maximum Capital Gains/
Dividend Tax Rate
Maximum 40% Estate/Gift
Tax Rate
Permanent AMT Patch
Five-Year Extension Of
Enhanced Education Credit
One-Year Extension Of Many
Business Tax Extenders
Over 30 Extenders Retroactive
To Start Of 2012
iNsiDE
Individual Income Tax Rates ........................1
Capital Gains/Dividends Sunsets .............. 2
Permanent AMT Relief................................. 3
Pease Limitation ........................................... 4
Personal Exemption Phaseout ................... 4
Federal Estate, Gift And GST Taxes ........... 5
State And Local Sales Tax Deduction ....... 6
Child Tax Credit ............................................. 6
Earned Income Credit .................................. 6
Other Child-Related Tax Relief .................. 6
Other Education Incentives........................ 7
More Individual Tax Extenders ................... 8
Business Tax Provisions ............................... 8
More Business
Tax Extenders .............................................. 10
Energy Incentives........................................ 10
Affordable Care Act .....................................11
Congress Approves Eleventh-Hour
Agreement to Avert Fiscal Cliff
T
he tax side of the “Fiscal Cliff” has been averted. The U.S. Senate overwhelmingly passed legislation to avert the so-called fiscal cliff on
January 1, 2013 by a vote of 89 to 8, sending the American Taxpayer Relief Act of
2012 (HR 8, as amended by the Senate) to the House, where it was similarly approved on January 1, 2013 by a vote of
257 to 167. The American Taxpayer Relief
Act allows the Bush-era tax rates to sunset after 2012 for individuals with incomes over $400,000 and families with incomes over $450,000;
American Taxpayer Relief Act of 2012
Special Report
January 2, 2013
HigHligHts
39.6% Tax Rate For
Incomes Above $400,000
($450,000 Families)
All Other Bush-Era Tax
Rates Extended
20% Maximum Capital Gains/
Dividend Tax Rate
Maximum 40% Estate/Gift
Tax Rate
Permanent AMT Patch
Five-Year Extension Of
Enhanced Education Credit
One-Year Extension Of Many
Business Tax Extenders
Over 30 Extenders Retroactive
To Start Of 2012
iNsiDE
Individual Income Tax Rates ........................1
Capital Gains/Dividends Sunsets .............. 2
Permanent AMT Relief................................. 3
Pease Limitation ........................................... 4
Personal Exemption Phaseout ................... 4
Federal Estate, Gift And GST Taxes ........... 5
State And Local Sales Tax Deduction ....... 6
Child Tax Credit ............................................. 6
Earned Income Credit .................................. 6
Other Child-Related Tax Relief .................. 6
Other Education Incentives........................ 7
More Individual Tax Extenders ................... 8
Business Tax Provisions ............................... 8
More Business
Tax Extenders .............................................. 10
Energy Incentives........................................ 10
Affordable Care Act .....................................11
Congress Approves Eleventh-Hour
Agreement to Avert Fiscal Cliff
T
he tax side of the “Fiscal Cliff” has been averted. The U.S. Senate overwhelmingly passed legislation to avert the so-called fiscal cliff on
January 1, 2013 by a vote of 89 to 8, sending the American Taxpayer Relief Act of
2012 (HR 8, as amended by the Senate) to the House, where it was similarly approved on January 1, 2013 by a vote of
257 to 167. The American Taxpayer Relief
Act allows the Bush-era tax rates to sunset after 2012 for individuals with incomes over $400,000 and families with incomes over $450,000;