On January 1, 2013, the House of Representatives passed H.R.8, the American Taxpayer Relief Act (the Act). The President is expected to sign the legislation. The Act averts many of the tax hikes that were scheduled to go into effect on January 1st. It also retains certain tax breaks that were scheduled to expire, but it also increases income taxes for high-income individuals and slightly increases estate tax rates. The following are some of the key provisions of the Act:
Individual Income tax rates
Capital gains and dividend tax rates. Estate taxes. Alternative Minimum Tax
Limitations to itemized deductions
Business tax extenders
View the PDF to read more details about the provisions of the act.