Description:
As ordered reported by the Senate Committee on Finance on August 2, 2012
The Family and Business Tax Cut Certainty Act of 2012 would extend certain expiring tax provisions through December 31, 2013; most of the provisions expired on December 31, 2011, but a few are scheduled to expire on December 31, 2012. The staff of the Joint Committee on Taxation (JCT) estimates that enacting the bill would reduce revenues by about $205 billion over the 2013–2022 period. Over 60 percent of that revenue reduction would arise from a two-year extension of relief from the individual alternative minimum tax (AMT). CBO estimates that two provisions would increase outlays by about $0.2 billion over the 10-year period.
On net, JCT and CBO estimate that enacting the bill would increase deficits by about $205 billion over the 2013–2022 period. Pay-as-you-go procedures apply because enacting the legislation would affect revenues and direct spending.
JCT has determined that the provisions of the bill contain no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA).
