1.
(a)This Act may be cited
as the America’s Small Business Tax
Relief Act of 2012
.
(b)Except as otherwise expressly provided,
whenever in this Act an amendment or repeal is expressed in terms of an
amendment to, or repeal of, a section or other provision, the reference shall
be considered to be made to a section or other provision of the Internal
Revenue Code of 1986.
(c)The table of contents for this Act is as follows:
Sec. 1. Short title; etc.
Sec. 2. 100-Percent exclusion of gain on certain small business
stock made permanent.
Sec. 3. 5-Year carryback of general business credits of
eligible small businesses made permanent.
Sec. 4. Alternative minimum tax rules for general business
credits of eligible small businesses made permanent.
Sec. 5. Reduction in recognition period for built-in gains tax
made permanent.
Sec. 6. Increased expensing limitations and treatment of
certain real property as section 179 property made permanent.
Sec. 7. Special rule for long-term contract accounting made
permanent.
Sec. 8. Increase of amount allowed as a deduction for start-up
expenditures made permanent.
Sec. 9. Allowance of deduction for health insurance in
computing self-employment taxes made permanent.
2.100-Percent
exclusion of gain on certain small business stock made permanent
(a)Paragraph (4) of section 1202(a) is amended—
(1)by striking
after the date of the enactment of the Creating Small Business Jobs Act
of 2010 and before January 1, 2012
and inserting after September
27, 2010
, and
(2)by striking
during certain periods in
2010 and 2011
and inserting after September 27, 2010
in the heading thereof.
(b)The amendments made by this section shall apply to stock
acquired after December 31, 2011.
3.5-Year carryback
of general business credits of eligible small businesses made
permanent
(a)Subparagraph (A) of section 39(a)(4) is amended by
striking determined in the first taxable year of the taxpayer beginning
in 2010
.
(b)The amendment made by this section shall apply to credits
determined in taxable years beginning after December 31, 2011.
4.Alternative
minimum tax rules for general business credits of eligible small businesses
made permanent
(a)Paragraph (5) of section 38(c) is amended—
(1)by striking
determined in taxable years beginning in 2010
in subparagraph
(A), and
(2)by striking
in
2010
in the heading of such paragraph.
(b)The amendments made by this section shall apply to credits
determined in taxable years beginning after December 31, 2011, and to
carrybacks of such credits.
5.Reduction in
recognition period for built-in gains tax made permanent
(a)Subparagraph (A) of section 1374(d)(7) is amended by
striking 10-year period
and inserting 5-year
period
.
(b)
(1)Paragraph (7) of
section 1374(d) is amended by striking subparagraph (B) and by redesignating
subparagraph (C) as subparagraph (B).
(2)Subparagraph (B)
of section 1374(d), as redesignated by paragraph (1), is amended by striking
section 953(e)—
and all that follows and inserting
section 953(e), subparagraph (A) shall be applied without regard to the
phrase 5-year
.
.
(c)The amendments made by this section shall apply to taxable
years beginning after December 31, 2011.
6.Increased
expensing limitations and treatment of certain real property as section 179
property made permanent
(a)Subsection (b) of section 179 is amended—
(1)by striking
shall not exceed—
and all that follows in paragraph (1) and
inserting shall not exceed $500,000.
,
(2)by striking
exceeds—
and all that follows in paragraph (2) and inserting
exceeds $2,000,000.
, and
(3)by striking
paragraph (6).
(b)Clause (ii) of section 179(d)(1)(A) is amended by
striking and which is placed in service in a taxable year beginning
after 2002 and before 2013,
.
(c)Paragraph
(2) of section 179(c) is amended to read as follows:
(2)Any election made
under this section, and any specification contained in any such election, may
be revoked by the taxpayer with respect to any property, and such revocation,
once made, shall be
irrevocable.
.
(d)Special rules
for treatment of qualified real propertyParagraph (1) of section
179(f) is amended by striking beginning in 2010 or 2011
.
(e)The amendments made by this section shall apply to taxable
years beginning after December 31, 2011.
7.Special rule for
long-term contract accounting made permanent
(a)Subparagraph (B) of section 460(c)(6) is amended by
striking which—
and all that follows and inserting which
has a recovery period of 7 years or less.
.
(b)The amendment made by this section shall apply to property
placed in service after December 31, 2011.
8.Increase of
amount allowed as a deduction for start-up expenditures made permanent
(a)Clause (ii) of section 195(b)(1)(A) is amended—
(1)by striking
$5,000
and inserting $10,000
, and
(2)by striking
$50,000
and inserting $60,000
.
(b)Subsection (b) of section 195 is amended by striking
paragraph (3).
(c)The amendments made by this section shall apply to amounts
paid or incurred in taxable years beginning after December 31, 2011.
9.Allowance of
deduction for health insurance in computing self-employment taxes made
permanent
(a)Paragraph (4) of section 162(l) is amended by striking
, or after December 31, 2010
.
(b)The amendment made by this section shall apply to taxable
years beginning after December 31, 2011.