Sec. 102. PERMANENT EXTENSION AND MODIFICATION OF 2003 TAX RELIEF
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## SEC. 102 PERMANENT EXTENSION AND MODIFICATION OF 2003 TAX RELIEF ###
(a)Permanent Extension **[**[26 U.S.C. 1 note](/us/usc/t26/s1)**]** The Jobs and Growth Tax Relief Reconciliation Act of 2003 is amended by striking section 303. ###
(b)20-Percent Capital Gains Rate for Certain High Income Individuals ####
(1)In general Paragraph
(1)of section 1(h) is amended by striking subparagraph (C), by redesignating subparagraphs
(D)and
(E)as subparagraphs
(E)and
(F)and by inserting after subparagraph
(B)the following new subparagraphs: > > ##### “(C) > > 15 percent of the lesser of— > > > ###### “(i) > > so much of the adjusted net capital gain (or, if less, taxable income) as exceeds the amount on which a tax is determined under subparagraph (B), or > > > ###### “(ii) > > the excess of— > > > ###### “(I) > > the amount of taxable income which would (without regard to this paragraph) be taxed at a rate below 39.6 percent, over > > > ###### “(II) > > the sum of the amounts on which a tax is determined under subparagraphs
(A)and (B), > > > ##### “(D) > > 20 percent of the adjusted net capital gain (or, if less, taxable income) in excess of the sum of the amounts on which tax is determined under subparagraphs
(B)and (C),” > . ####
(2)Minimum tax **[**[26 U.S.C. 55](/us/usc/t26/s55)**]** Paragraph
(3)of section 55(b) is amended by striking subparagraph (C), by redesignating subparagraph
(D)as subparagraph (E), and by inserting after subparagraph
(B)the following new subparagraphs: > > ##### “(C) > > 15 percent of the lesser of— > > > ###### “(i) > > so much of the adjusted net capital gain (or, if less, taxable excess) as exceeds the amount on which tax is determined under subparagraph (B), or > > > ###### “(ii) > > the excess described in section 1(h)(1)(C)(ii), plus > > > ##### “(D) > > 20 percent of the adjusted net capital gain (or, if less, taxable excess) in excess of the sum of the amounts on which tax is determined under subparagraphs
(B)and (C), plus” > . ###
(c)Conforming Amendments ####
(1)The following provisions are each amended by striking “15 percent” and inserting “20 percent”: #####
(A)Section 531. #####
(B)Section 541. #####
(C)Section 1445(e)(1). #####
(D)The second sentence of section 7518(g)(6)(A). #####
(E)Section 53511(f)(2) of title 46, United States Code. ####
(2)Sections 1(h)(1)(B) and 55(b)(3)(B) are each amended by striking “5 percent (0 percent in the case of taxable years beginning after 2007)” and inserting “0 percent”. ####
(3)Section 1445(e)(6) is amended by striking “15 percent (20 percent in the case of taxable years beginning after December 31, 2010)” and inserting “20 percent”. ###
(d)Effective Dates **[**[26 U.S.C. 1 note](/us/usc/t26/s1)**]** ####
(1)In general Except as otherwise provided, the amendments made by subsections
(b)and
(c)shall apply to taxable years beginning after December 31, 2012. ####
(2)Withholding The amendments made by paragraphs (1)(C) and
(3)of subsection
(c)shall apply to amounts paid on or after January 1, 2013.
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