Reinstating the top individual income tax rate bracket of 39.6% for individuals with income above $400,000 for single filers, $425,000 for heads of household and $450,000 for married taxpayers filing jointly.

Permanently extending the 10%, 25%, 28%, 33% and 35% individual income tax rate brackets.

Providing for a top long-term capital gains and qualified dividend tax rate of 20% for individuals with taxable income above $400,000 for single filers, $425,000 for heads of household and $450,000 for married individuals filing jointly. Long-term capital gains and qualified dividend income earned by other individuals will continue to be taxed at either 0% or 15%.

Reinstating limitations on itemized deductions for taxpayers with incomes above certain thresholds ($300,000 for married individuals filing jointly, $275,000 for heads of household and $250,000 for single filers), and permanently repealing the limitations for taxpayers with incomes below the thresholds.

Reinstating the personal exemption phaseout for taxpayers with incomes above certain thresholds ($300,000 for married individuals filing jointly, $275,000 for heads of household and $250,000 for single filers), and permanently repealing the phaseout for taxpayers with incomes below the thresholds.

Providing a permanent fix to the alternative minimum tax (AMT) by increasing the exemption amounts for 2012 (indexed for inflation for future years) and allowing nonrefundable personal credits to offset the AMT starting in 2012.

Extending for one year the exclusion from gross income for the discharge of up to $2 million of mortgage debt through 2013.

Extending for two years the deduction for state and local sales taxes for 2012 and 2013.

Extending for two years the research credit for 2012 and 2013.

Extending for two years the active financing exception to Subpart F income earned by controlled foreign corporations (CFCs) for taxable years beginning before January 1, 2014.

Extending for two years the look-through exception from Subpart F income for dividends, interest, rents and royalties received or accrued by a CFC from a related CFC in taxable years beginning before January 1, 2014.

Extending for two years the five-year recognition period for built-in gains recognized in 2012 or 2013 by an S-corporation that was previously a C-corporation.

Extending for two years the new markets tax credit for 2012 and 2013.

Extending the production tax credit for electricity produced by a wind facility for which construction begins before January 1, 2014. For more information on the extension of the production tax credit for wind facilities, see Legal Update, Production Tax Credit Amended and Extended in Fiscal Cliff Deal.

Extending for one year bonus depreciation for certain qualified property acquired and placed in service before January 1, 2014.