Summary

H.R. 5333: To amend the Internal Revenue Code of 1986 to make permanent the deduction of State and local general sales taxes, and for other purposes. Read More

Status

This bill was introduced on May 7, 2012, in a previous session of Congress, but was not passed.

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Date Introduced
May 7, 2012

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Bill Text

A BILL

To amend the Internal Revenue Code of 1986 to make permanent the deduction of State and local general sales taxes, 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, ETC.

(a) Short Title.--This Act may be cited as the ``Middle Class Tax Fairness Act of 2012''. (b) Table of Contents.--The table of contents for this Act is as follows:

Sec. 1. Short title, etc. TITLE I--PERMANENT EXTENSION OF DEDUCTION OF STATE AND LOCAL GENERAL SALES TAXES

Sec. 101. Permanent extension of deduction of State and local general sales taxes. TITLE II--REVENUE OFFSETS

Subtitle A--Fair Share Tax on High-Income Taxpayers

Sec. 201. Fair share tax on high-income taxpayers. Subtitle B--Miscellaneous

Sec. 211. Deficit reduction. Sec. 212. Budgetary effects.

TITLE I--PERMANENT EXTENSION OF DEDUCTION OF STATE AND LOCAL GENERAL SALES TAXES

SEC. 101. PERMANENT EXTENSION OF DEDUCTION OF STATE AND LOCAL GENERAL SALES TAXES.

(a) In General.--Subparagraph (I) of section 164(b)(5) of the Internal Revenue Code of 1986 is amended by striking ``, and before January 1, 2012''. (b) Effective Date.--The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2011.

TITLE II--REVENUE OFFSETS

Subtitle A--Fair Share Tax on High-Income Taxpayers

SEC. 201. FAIR SHARE TAX ON HIGH-INCOME TAXPAYERS.

(a) In General.--Subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part:

``PART VII--FAIR SHARE TAX ON HIGH-INCOME TAXPAYERS

``Sec. 59B. Fair...

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Bill Summary

H.R. 5332 To prohibit agency restrictions on conference locations. H.R. 5334 To amend chapter V of the Federal Food, Drug, and Cosmetic Act to exp...