[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                 H. R. 8

 To extend certain tax relief provisions enacted in 2001 and 2003, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 24, 2012

Mr. Camp (for himself, Mr. Herger, Mr. Sam Johnson of Texas, Mr. Brady 
 of Texas, Mr. Ryan of Wisconsin, Mr. Davis of Kentucky, Mr. Reichert, 
   Mr. Boustany, Mr. Roskam, Mr. Gerlach, Mr. Price of Georgia, Mr. 
Buchanan, Mr. Schock, Ms. Jenkins, Mr. Berg, Mrs. Black, Mr. Reed, Mr. 
 Tiberi, Mr. Nunes, Mr. Smith of Nebraska, Mr. Paulsen, Mr. Marchant, 
and Mr. Dold) introduced the following bill; which was 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

_______________________________________________________________________

                                 A BILL


 
 To extend certain tax relief provisions enacted in 2001 and 2003, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Job Protection and Recession 
Prevention Act of 2012''.

SEC. 2. EXTENSION OF 2001 AND 2003 TAX RELIEF.

    (a) Extension of 2001 Tax Relief.--
            (1) In general.--Section 901 of the Economic Growth and Tax 
        Relief Reconciliation Act of 2001 is amended by striking 
        ``December 31, 2012'' both places it appears and inserting 
        ``December 31, 2013''.
            (2) Effective date.--The amendments made by this section 
        shall take effect as if included in the enactment of the 
        Economic Growth and Tax Relief Reconciliation Act of 2001.
    (b) Extension of 2003 Tax Relief.--
            (1) In general.--Section 303 of the Jobs and Growth Tax 
        Relief Reconciliation Act of 2003 is amended by striking 
        ``December 31, 2012'' and inserting ``December 31, 2013''.
            (2) Effective date.--The amendment made by this section 
        shall take effect as if included in the enactment of the Jobs 
        and Growth Tax Relief Reconciliation Act of 2003.

SEC. 3. EXTENSION OF INCREASED SMALL BUSINESS EXPENSING.

    (a) Dollar Limitation.--Section 179(b)(1) of the Internal Revenue 
Code of 1986 is amended--
            (1) by striking ``and'' at the end of subparagraph (C), by 
        redesignating subparagraph (D) as subparagraph (E), and by 
        inserting after subparagraph (C) the following new 
        subparagraph:
                    ``(D) $100,000 in the case of taxable years 
                beginning in 2013, and'', and
            (2) by striking ``2012'' in subparagraph (E) (as 
        redesignated by paragraph (1)) and inserting ``2013''.
    (b) Reduction in Limitation.--Section 179(b)(2) of such Code is 
amended--
            (1) by striking ``and'' at the end of subparagraph (C), by 
        redesignating subparagraph (D) as subparagraph (E), and by 
        inserting after subparagraph (C) the following new 
        subparagraph:
                    ``(D) $400,000 in the case of taxable years 
                beginning in 2013, and'', and
            (2) by striking ``2012'' in subparagraph (E) (as 
        redesignated by paragraph (1)) and inserting ``2013''.
    (c) Application of Inflation Adjustment.--Section 179(b)(6)(A) of 
such Code is amended--
            (1) by striking ``calendar year 2012, the $125,000 and 
        $500,000 amounts in paragraphs (1)(C) and (2)(C)'' in the 
        matter preceding clause (i) and inserting ``calendar year 2013, 
        the $100,000 and $400,000 amounts in paragraphs (1)(D) and 
        (2)(D)'', and
            (2) by striking ``calendar year 2006'' in clause (ii) and 
        inserting ``calendar year 2002''.
    (d) Computer Software.--Section 179(d)(1)(A)(ii) of such Code is 
amended by striking ``2013'' and inserting ``2014''.
    (e) Special Rule for Revocation of Elections.--Section 179(c)(2) of 
such Code is amended by striking ``2013'' and inserting ``2014''.
    (f) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2012.

SEC. 4. EXTENSION OF ALTERNATIVE MINIMUM TAX RELIEF FOR INDIVIDUALS.

    (a) Extension of Increased Alternative Minimum Tax Exemption 
Amount.--Section 55(d)(1) of the Internal Revenue Code of 1986 is 
amended--
            (1) by striking ``$72,450'' and all that follows through 
        ``2011'' in subparagraph (A) and inserting ``$78,750 in the 
        case of taxable years beginning in 2012 and $79,850 in the case 
        of taxable years beginning in 2013'', and
            (2) by striking ``$47,450'' and all that follows through 
        ``2011'' in subparagraph (B) and inserting ``$50,600 in the 
        case of taxable years beginning in 2012 and $51,150 in the case 
        of taxable years beginning in 2013''.
    (b) Extension of Alternative Minimum Tax Relief for Nonrefundable 
Personal Credits.--Section 26(a)(2) of such Code is amended--
            (1) by striking ``during 2000, 2001, 2002, 2003, 2004, 
        2005, 2006, 2007, 2008, 2009, 2010, or 2011'' and inserting 
        ``after 1999 and before 2014'', and
            (2) by striking ``2011'' in the heading thereof and 
        inserting ``2013''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2011.

SEC. 5. TREATMENT FOR PAYGO PURPOSES.

    The budgetary effects of this Act shall not be entered on either 
PAYGO scorecard maintained pursuant to section 4(d) of the Statutory 
Pay-As-You-Go Act of 2010.
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