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The American Taxpayer Relief Act of 2012 and What It Means to You



by Jonathan R. Flora
Schnader Harrison Segal & Lewis LLP - San Francisco Office

James R. Olson
Schnader Harrison Segal & Lewis LLP - Pittsburgh Office

January 15, 2013

Previously published on January 10, 2013

On Jan. 2, 2013, President Obama signed the “American Taxpayer Relief Act of 2012” (the “Act”) which was passed by the House and Senate the previous day to avoid the so-called “fiscal cliff.” The Act prevents many of the tax hikes that were scheduled to go into effect in 2013 and retains many favorable tax breaks that were scheduled to expire. However, it also increases income taxes for some high-income individuals and slightly increases transfer tax rates. This Alert provides an overview of the key income tax provisions of the Act.


 

The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.
 

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