1.Short title; table of
contents
(a)This Act may be cited
as the American Opportunity and
Freedom Act of 2012
.
(b)The table of contents for this Act is as follows:
Sec. 1. Short title; table of contents.
Title I—Permanent extension of income tax relief
Sec. 101. Repeal of EGTRRA sunset.
Sec. 102. Repeal of JGTRRA sunset.
Sec. 103. Technical and conforming amendments.
Title II—Permanent repeal of estate and generation-skipping
transfer taxes
Sec. 201. Repeal of estate and generation-skipping transfer
taxes.
Title III—Repeal of alternative minimum tax
Sec. 301. Repeal of individual alternative minimum
tax.
Title IV—Repeal of tobacco product excise tax
increase
Sec. 401. Repeal of tobacco product excise tax
increase.
Title V—Repeal of tax increases relating to Patient Protection
and Affordable Care Act
Sec. 501. Repeal of revenue provisions relating to
PPACA.
Sec. 502. Repeal of tax provisions relating to individual
mandate.
Sec. 503. Repeal of tax provisions relating to employer
mandate.
<enum>I</enum><header>Permanent
extension of income tax relief</header>
<section id="H6A27208F723044F8A439A7D342FC1DEA"><enum>101.</enum><header>Repeal of
EGTRRA sunset</header><text display-inline="no-display-inline">Section 901 of
the Economic Growth and Tax Relief Reconciliation Act of 2001 is
repealed.</text>
</section><section id="H69F1BC03403044CAA59454C1A9F8D6FC"><enum>102.</enum><header>Repeal of
JGTRRA sunset</header><text display-inline="no-display-inline">Section 303 of
the Jobs and Growth Tax Relief Reconciliation Act of 2003 is repealed.</text>
</section><section id="H77425D29636B425489436C9B2F958D45"><enum>103.</enum><header>Technical and
conforming amendments</header><text display-inline="no-display-inline">The
Secretary of the Treasury or the Secretary’s delegate shall, not later than 90
days after the date of the enactment of this Act, submit to the Committee on
Ways and Means of the House of Representatives and the Committee on Finance of
the Senate a draft of any technical and conforming changes in the Internal
Revenue Code of 1986 which are necessary to reflect throughout such Code the
purposes of the provisions of, and amendments made by, this Act.</text>
</section><enum>II</enum><header>Permanent repeal
of estate and generation-skipping transfer taxes</header>
<section id="H5C8DACB885654456AAF817E6B13D93E5"><enum>201.</enum><header>Repeal of
estate and generation-skipping transfer taxes</header>
<subsection id="H9CC7556ABD594AA3972730E98D7ECCA8"><enum>(a)</enum><header>Estate tax
repeal</header><text>Subchapter C of chapter 11 of subtitle B (relating to
miscellaneous) is amended by adding at the end the following new
section:</text>
<quoted-block id="HFB254DCB40EC4C14ADF58F596649A6D2" style="OLC">
<section id="H35C3EF7711A54B1C9ED92B8BED73E268"><enum>2210.</enum><header>Termination</header>
<subsection id="H885F8D6C42484AA9AA7F382E2E4F2146"><enum>(a)</enum><header>In
general</header><text>Except as provided in subsection (b), this chapter shall
not apply to the estates of decedents dying after December 31, 2010.</text>
</subsection><subsection id="HFF02AEFB52774EA2A8D65A83D5E6BC16"><enum>(b)</enum><header>Certain
distributions from qualified domestic trusts</header><text>In applying section
2056A with respect to the surviving spouse of a decedent dying on or before
December 31, 2010—</text>
<paragraph id="HDFFD2596FBD142A4B886F73A2DFE3DDC"><enum>(1)</enum><text>section
2056A(b)(1)(A) shall not apply to distributions made more than 10 years after
such date, and</text>
</paragraph><paragraph id="H3D713997C7FB4F51A93086BD1BE68331"><enum>(2)</enum><text>section
2056A(b)(1)(B) shall not apply on or after such
date.</text>
</paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H4FC2E2061E064BA0BCE3A49B99E1FF4A"><enum>(b)</enum><header>Generation-Skipping
transfer tax repeal</header><text>Subchapter G of chapter 13 of subtitle B
(relating to administration) is amended by adding at the end the following new
section:</text>
<quoted-block id="H5AAF58C9D327415DB2819B025082C422" style="OLC">
<section id="HBE2B614A9DA24639A99C7FFA15DE52B3"><enum>2664.</enum><header>Termination</header><text display-inline="no-display-inline">This chapter shall not apply to
generation-skipping transfers after December 31,
2010.</text>
</section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H92DB8AF098C34AC2A8EC38B242AE3793"><enum>(c)</enum><header>Conforming
amendments</header>
<paragraph id="H0710DB3ECBA241F7924C7442DACAEA53"><enum>(1)</enum><text>The table of
sections for subchapter C of chapter 11 is amended by adding at the end the
following new item:</text>
<quoted-block display-inline="no-display-inline" id="HB28AFA3CD79E4BE79EAFA85D120DCF8E" style="OLC">
<toc regeneration="no-regeneration">
<toc-entry level="section">Sec. 2210.
Termination.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="HA349FA04E93F4C2583538F663794FA9D"><enum>(2)</enum><text>The table of
sections for subchapter G of chapter 13 is amended by adding at the end the
following new item:</text>
<quoted-block display-inline="no-display-inline" id="H194CBB117DEF4BB1AD937295102A93FD" style="OLC">
<toc regeneration="no-regeneration">
<toc-entry level="section">Sec. 2664.
Termination.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection display-inline="no-display-inline" id="HF2BF7C6E1BB74E93BE2A99FE41671731"><enum>(d)</enum><header>Carryover basis
at death and other changes taking effect with repeal</header><text display-inline="yes-display-inline">So much of section 301 of the Tax Relief,
Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (relating
to reinstatement of estate tax; repeal of carryover basis) as relates to the
provisions of law amended by subtitle E of title V of the Economic Growth and
Tax Relief Reconciliation Act of 2001 shall not apply to estates of decedents
dying, and transfers made, on or after the date of the enactment of this
Act.</text>
</subsection><subsection id="HDE7A58D55C84440D9EA5D6C3EAEE11AD"><enum>(e)</enum><header>Sunset not
applicable</header><text display-inline="yes-display-inline">Section 304 of the
Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of
2010 is hereby repealed.</text>
</subsection><subsection id="H48074B6861D24D3095FFC5E7A8691966"><enum>(f)</enum><header>Effective
Date</header><text display-inline="yes-display-inline">The amendments made by
this section shall apply to the estates of decedents dying, and
generation-skipping transfers, after December 31, 2010.</text>
</subsection></section><enum>III</enum><header>Repeal of
alternative minimum tax</header>
<section id="H070ED9AF6C8F47D3B4B8E73E3D806671"><enum>301.</enum><header>Repeal of
individual alternative minimum tax</header>
<subsection id="HADB34DFEAE3045DE96985C936FAEAF54"><enum>(a)</enum><header>In
General</header><text>Subsection (a) of section 55 of the Internal Revenue Code
of 1986 is amended by adding at the end the following new flush
sentence:</text>
<quoted-block id="HADB34DFEAE3045DE96985C935FAEAF54">
<quoted-block-continuation-text indent="flush-left" quoted-block-continuation-text-level="subsection">Except in the case of a corporation, no tax shall be
imposed by this section for any taxable year beginning after December 31, 2010,
and the tentative minimum tax of any taxpayer other than a corporation for any
such taxable year shall be zero for purposes of this
title.</quoted-block-continuation-text><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H4B2D9A5DB4124C9AA3E5DF5C5309D75B"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to taxable
years beginning after December 31, 2010.</text>
</subsection></section><enum>IV</enum><header>Repeal of tobacco
product excise tax increase</header>
<section id="HF275936EB65147C08D6F25958ED62872"><enum>401.</enum><header>Repeal of
tobacco product excise tax increase</header>
<subsection id="HA08A828D77D9426B9248F9D65E3A3814"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Each provision of the
Internal Revenue Code of 1986 amended by section 701 of the Children’s Health
Insurance Program Reauthorization Act of 2009 is amended as such provision
would read if such section had never been enacted.</text>
</subsection><subsection id="H0197B09E0D6942D985F85A1C70E53E5F"><enum>(b)</enum><header>Floor stocks
refund</header>
<paragraph id="HFC68EDB016264F3A9927CEE141D0AC33"><enum>(1)</enum><header>In
general</header><text>On tobacco products and cigarette papers and tubes
manufactured in or imported into the United States which are removed on or
before the date of the enactment of this Act, and held on such date for sale by
any person, there shall be credited or refunded (without interest) to the
person who paid such tax (hereafter in this subsection referred to as the
<quote>taxpayer</quote>) an amount equal to the excess of the tax paid by the
taxpayer on the article over the amount of such tax which would be imposed on
such article had the article been removed on the day after the date of the
enactment of this Act.</text>
</paragraph><paragraph id="HD9688623775D4067B36704029222DDDF"><enum>(2)</enum><header>Time for filing
claims</header><text display-inline="yes-display-inline">No credit or refund
shall be allowed or made under this subsection unless claim therefor is filed
with the Secretary of the Treasury before the date which is 6 months after the
date of the enactment of this Act.</text>
</paragraph><paragraph id="H7393497DF11A479997D545D65DC16BAC"><enum>(3)</enum><header>Definitions</header><text display-inline="yes-display-inline">Any term used in this subsection which is
also used in section 5702 of the Internal Revenue Code of 1986 shall have the
same meaning as such term has in such section.</text>
</paragraph><paragraph id="H4165EE827A1A49AAB4CDD6A5F9F92406"><enum>(4)</enum><header>Controlled
groups</header><text>Rules similar to the rules of section 5061(e)(3) of such
Code shall apply for purposes of this subsection.</text>
</paragraph></subsection><subsection id="H2DBF560BF5A74E1DABBFC77322C74A2E"><enum>(c)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to articles
removed (as defined in section 5702(j) of the Internal Revenue Code of 1986)
after the date of the enactment of this Act.</text>
</subsection></section><enum>V</enum><header>Repeal of tax
increases relating to Patient Protection and Affordable Care Act</header>
<section id="H701809CB5E8C436F88346B33049EC2E0"><enum>501.</enum><header>Repeal of
revenue provisions relating to PPACA</header><text display-inline="no-display-inline">Effective on the date of the enactment of
this Act, subtitle F of title I and title IX of the Patient Protection and
Affordable Care Act, as each is amended by title X of such Act, are repealed,
and the Internal Revenue Code of 1986 shall be applied as if such subtitle F
and such title IX had never been enacted.</text>
</section><section id="H79BAB6B5A2204BD78E55CF6F50DE68CA"><enum>502.</enum><header>Repeal of tax
provisions relating to individual mandate</header><text display-inline="no-display-inline">Effective on the date of the enactment of
this Act, section 5000A of the Internal Revenue Code of 1986, section 6055 of
such Code, section 1502(c) of the Patient Protection and Affordable Care Act,
and any amendments made by section 1502(b) of such Act are repealed, and the
Internal Revenue Code of 1986 shall be applied as if such provisions had never
been enacted.</text>
</section><section id="HB258B80BCDCB455FB12F2D232DEDB543"><enum>503.</enum><header>Repeal of tax
provisions relating to employer mandate</header><text display-inline="no-display-inline">Effective on the date of the enactment of
this Act, section 4980H of the Internal Revenue Code of 1986, section 6056 of
such Code, section 1513(c) of the Patient Protection and Affordable Care Act,
and any amendments made by section 1514(b) of such Act are repealed, and the
Internal Revenue Code of 1986 shall be applied as if such provisions had never
been enacted.</text>
</section>