American Taxpayer Relief Act of 2012 -- An Analysis (PDF)

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ISBN: 9781422427347
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This article discusses the tax provisions of the legislation enacted to avert the so-called ''fiscal cliff.'' The legislation, Public Law 112-240, the American Taxpayer Relief Act of 2012 was passed by Congress on January 1, 2013, and signed by President Obama on January 2, 2013. The tax provisions contained in the Act include, among others, permanent extension and modification of 2001 income tax rates, marriage penalty relief provisions made permanent, maximum estate tax rate increased to 40 percent, $5 million gift tax exemption amount made permanent, 5-year extension of earned income tax credit provisions, and 2-year extension of above-the-line deduction for qualified tuition and related expenses.

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Table of Contents

1.00 Introduction 

1.01 Permanent Extension and Modification of 2001 Income Tax Rates

1.02 Employee FICA Contribution Increase Begins for 2013

1.03 Marriage Penalty Relief Provisions Made Permanent

1.04 Phase-out of Itemized Deductions

1.05 Phase-out of Deduction for Personal Exemptions

1.06 Maximum Estate Tax Rate Increased to 40 Percent

1.07 $5 Million Gift Tax Exemption Amount Made Permanent

1.08 Technical Correction to Unified Credit

1.09 Tax Rates for Capital Gains and Dividends Extended and Modified

1.10 5-Year Extension of American Opportunity Tax Credit

1.11 Extension of Child Tax Credit and Allowance of Credit Against AMT

1.12 5-Year Extension of Earned Income Tax Credit Provisions

1.13 Rule Disregarding Certain Tax Refunds in Federal Programs and Federally Assisted Programs Made Permanent

1.14 AMT Is Indexed for Inflation

1.15 AMT Relief for Nonrefundable Personal Credits Made Permanent

1.16 2-Year Extension of Deduction for Certain Expenses of Elementary and Secondary School Teachers

1.17 1-Year Extension of Exclusion from Gross Income of Qualified Principal Residence Indebtedness

1.18 2-Year Extension of Parity for Exclusion for Gross Income for Employer Provided Mass Transit and Parking Benefits

1.19 2-Year Extension of Treatment of Mortgage Insurance Premiums as Qualified Residence Interest

1.20 2-Year Extension of State and Local General Sales Taxes

1.21 2-Year Extension of Excess Charitable Contribution Deduction for Gifts of Certain Real Property Made for Conservation Purposes

1.22 2-Year Extension of Above-The-Line Deduction for Qualified Tuition and Related Expenses

1.23 2-Year Extension for Tax-Free Distributions from IRAs for Charitable Purposes

1.24 Permitted Disclosure of Return Information to Prison Officials Expanded and Made Permanent

1.25 2-Year Extension and Modification of Research Credit

1.26 1-Year Extension of Temporary Minimum Low-Income Tax Credit for Non- Federally Subsidized New Buildings

1.27 2-Year Extension of Housing Allowance Exclusion for Determining Median Gross Income for Qualified Residential Rental Project Exempt Facility Bonds

1.28 2-Year Extension of Indian Employment Tax Credit

1.29 2-Year Extension of New Markets Tax Credit

1.30 2-Year Extension of Railroad Track Maintenance Credit

1.31 2-Year Extension of Mine Rescue Team Training Credit

1.32 2-Year Extension of Employer Wage Credit for Employees Who Are Active Duty Members of the Uniformed Services

1.33 Extension of Work Opportunity Credit

1.34 2-Year Extension of Qualified Zone Academy Bonds

1.35 2-Year Extension of 15-Year Straight-Line Depreciation for Qualified Leasehold Improvements, Qualified Restaurant Buildings and Improvements, and Qualified Retail Improvements

1.36 2-Year Extension of 7-Year Recovery Period for Motorsports Entertainment Complexes

1.37 2-Year Extension of Accelerated Depreciation for Indian Reservation Business Property

1.38 2-Year Extension of Enhanced Charitable Deduction for Contributions of Food Inventory

1.39 2-Year Extension of Increased IRC Section 179 Expensing Limitations and Treatment of Certain Real Property as Section 179 Property

1.40 2-Year Extension of Election to Expense Mine Safety Equipment

1.41 2-Year Extension of Special Expensing Rules for Certain Film and Television Productions

1.42 2-Year Extension of Deduction With Respect to Income Attributable to Domestic Production Activities in Puerto Rico

1.43 2-Year Extension of Modification of Tax Treatment of Certain Payments to Controlling Exempt Organizations

1.44 2-Year Extension of Treatment of Regulated Investment Company Dividends

1.45 2-Year Extension of RIC Qualified Investment Entity Treatment Under FIRPTA

1.46 2-Year Extension of Subpart F Exception for Active Financing Income

1.47 2-Year Extension of Look-Thru Treatment of Payments Between Controlled Foreign Corporations Under Foreign Personal Holding Company Rules

1.48 2-Year Extension of Temporary Exclusion of 100 Percent of Gain on Certain Small Business Stock

1.49 2-Year Extension of Basis Adjustment to Stock of S Corporations Charitable Contributions of Property

1.50 2-Year Extension of 5-Year Recognition Period for S Corporation Built-In Gains

1.51 2-Year Extension of Empowerment Zone Tax Incentives

1.52 2-Year Extension of Tax-Exempt Financing for New York Liberty Zone

1.53 2-Year Extension of Temporary Increase in Limit of Cover Over of Rum Excise Taxes to Puerto Rico and the Virgin Islands

1.54 Modification and Extension of American Samoa Economic Development Credit

1.55 1-Year Extension and Modification of Bonus Depreciation

1.56 2-Year Extension of Credit for Energy-Efficient Existing Homes

1.57 2-Year Extension of Credit for Alternative Fuel Vehicle Refueling Property

1.58 Expansion of Credit for 2- or 3-Wheeled Plug-In Electric Vehicles

1.59 1-Year Extension and Modification of Cellulosic Biofuel Producer Credit

1.60 2-Year Extension of Incentives for Biodiesel and Renewable Diesel

1.61 1-Year Extension of Production Credit for Indian Coal Facilities Placed In Service Before 2009

1.62 1-Year Extension and Modification of Credits for Facilities Producing Energy from Certain Renewable Resources

1.63 2-Year Extension of Credit for Energy-Efficient New Homes

1.64 2-Year Extension of Credit for Energy-Efficient Appliances

1.65 1-Year Extension and Modification of Special Allowance for Cellulosic Biofuel Plant Property

1.66 2-Year Extension of Special Rule for Sales or Dispositions to Implement FERC or State Electric Restructuring Policy for Qualified Electric Utilities

1.67 2-Year Extension of Alternative Fuels Excise Tax Credits

1.68 Amounts in Applicable Retirement Plans May be Transferred to Designated Roth Accounts Without Distribution

1.69 Estate Tax Portability Between Spouses Made Permanent

1.70 Sunset Clauses of 2001 and 2010 Legislation are Repealed

TABLES IRC Sections Amended-Act Section Cross Reference Table

Act Section-IRC Sections Amended Cross Reference Table