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The American Taxpayer Relief Act of 2012

The American Taxpayer Relief Act was signed into law on January 2, 2013.

We have compiled an overview of this new law, to assist you as are accumulating information for your 2012 tax returns.

Key Provisions of the American Taxpayer Relief Act

Provisions Affecting Individuals

• Individual Income Tax Rates
• Limitation on Itemized Deductions
• Estate and Gift Taxes
• Child Tax Credit
• Deduction for State and Local Sales Tax
• Home Energy Credit

Provisions Affecting Businesses

• Code Section 179 Small Business Expensing
• Bonus Depreciation
• Retail Improvements and Restaurant Property
• Research Tax Credit
• Employer Childcare Facilities and Services
• Excluded Gain on Sale of Small Business Stock