Levin (D-MI): Temporarily extends - for one year, through 2013 - the reduced tax rates and other tax benefits enacted in 2001 and 2003 that expire on December 31, but only for income levels below $250,000 for joint tax returns and $200,000 for individuals. Extends expanded refundable tax credits (spending) that were included in the 2009 stimulus law. Provides a one-year "patch" to prevent the alternative minimum tax (AMT) for 2012, but not 2013. Does not extend the current estate tax parameters - a top estate tax rate of 35% with an exemption amount of $5 million - permitting the top rate to rise to 55% with a 1 million exemption.
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