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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Economic Stimulus, Tax Credit Act of
2012''.

SEC. 2. DEBIT CARD STIMULUS PROGRAM.

(a) In General.--The Secretary of Commerce, in consultation with
the Secretary of the Treasury, shall establish a debit card stimulus
program, under which the Secretary of Commerce shall issue pre-loaded
debit cards to eligible taxpayers.
(b) Amount on Debit Card.--The amount loaded on a debit card
pursuant to subsection (a) shall be the sum of--
(1)(A) $5,000 in the case of an eligible taxpayer who filed
a joint return for the first taxable year beginning in 2011,
and
(B) $3,000 in the case of an eligible taxpayer who filed an
individual return of income tax for the first taxable year
beginning in 2011, plus
(2) $500 only in the case of an eligible taxpayer who uses
the debit card to acquire an automobile subject to subsection
(f)(5).
(c) Eligibility.--
(1) A taxpayer is eligible if the taxpayer is a citizen of
the United States and the gross income of the taxpayer for
taxable year 2011 does not exceed the applicable limit.
(2)(A) For taxpayers filing a joint income tax return the
applicable limit is the sum of $75,000, plus the phaseout
amount.
(B) For taxpayers filing an individual tax return the
applicable limit is the sum of $50,000, plus the phaseout
amount.
(d) Phaseout Amount.--The phaseout amount shall be $4,999 less 20%
of that amount for each thousand dollars in gross income above the
eligible gross income amounts of $75,000 and $50,000 respectively,
resulting in no eligibility at income levels of $80,000 and $55,000
respectively.
(e) Gross Income.--The term ''gross income'' has the meaning given
such term by Section 61 of the Internal Revenue Code of 1986.
(f) Debit Card Stimulus Program.--For purposes of this section, the
debit card stimulus program established under subsection (a) is a
program which shall be subject to the following terms and conditions:
(1) The debit card is active for a 6-month period. Any
amount remaining on the debit card at the end of the 6-month
period is forfeited.
(2) The debit card ceases to be active when the balance on
the card is zero.
(3) An active debit card is issued to the eligible
taxpayer. In the case of a joint return, an active debit card
is issued to the taxpayer and a debit card is issued to the
spouse of the taxpayer, with the total dollar amount preloaded
on both cards jointly equaling the $5,000/$5,500 limit.
(4) The debit card may be used for the following types of
purchases:
(A) Durable goods.
(B) Clothes.
(C) Services (other than medical services and
business-related legal services) performed within the
United States.
(D) Residential home mortgage payments where the
debtor is at least three months in arrears, as of the
effective date of this Act. This shall be limited by
regulation to a specific portion of the funds provided
under this Act.
(5) A debit card may only be used for the acquisition of a
passenger automobile if--
(A) the original use of the automobile begins with
the taxpayer,
(B) the acquisition is by way of an 18-month
renewable (at the lessee's option) lease, and
(C) the automobile was manufactured in the United
States by a manufacturer if the headquarters of the
parent of the manufacturer (as of December 31, 2008) is
either--
(i) located in the United States, or
(ii) located in a country which the
Secretary of Commerce has certified has opened
its markets to all automobiles manufactured in
the United States.
For purposes of this paragraph, the term ''passenger
automobile'' has the meaning given such term by section
32901(a)(18) of title 49, United States Code.
(6) The debit card may not be used for any purchase of a
good or service, or the acquisition of a passenger automobile
under a lease, if the cost of such good, service, or lease is
greater than the amount provided under the debit card stimulus
program.
(7) Not more than one-third of the amount on the debit card
may be expended within any 2-month period unless the
expenditure is for the acquisition of a single good, service,
or lease.
(8) Acquisitions after the effective date of the debit card
stimulus program (but prior to its implementation) shall be
reimbursable under the program, as follows:
(A) The sales receipt relating to the acquisition
shall be presented to the merchant who provided the
goods or services.
(B) The merchant would place those acquisitions on
the debit card once the program is fully implemented.
(9) The program shall be subject to such other terms and
conditions as the Secretary of Commerce shall specify by
regulations.
(g) Eligible Taxpayers.--For purposes of this section--
(1) In general.--A taxpayer is an eligible taxpayer if the
taxpayer is a citizen of the United States.
(2) Dependents not eligible.--An individual with respect to
whom a deduction under section 151 is allowable to another
taxpayer for the most recent taxable year for which a return is
required (but for any threshold amount) to be filed shall not
be treated as an eligible taxpayer for purposes of this
section.
(3) Special rule relating to prisoners.--An individual may
not use a debit card issued pursuant to this section during any
period of incarceration in a Federal, State, or local prison.
(h) Employee Retention Tax Credit.--
(1) In general.--There shall be allowed to the employer of
any qualified retained employee a credit against the tax
imposed by chapter 1 of the Internal Revenue Code of 1986 in
the amount of the employee retention credit.
(2) Employee retention credit.--
(A) In general.--For purposes of paragraph (1), the
employee retention credit for the taxable year of the
employer which includes the last day of the employee
retention period is an amount equal to the excess (if
any) of--
(i) $3,000 multiplied by the number of
qualified retained employees, less
(ii) $3,000 multiplied by the number of
specified dismissed employees.
(B) Increase in credit amount.--The $3,000 amount
in subparagraph (A)(i) shall be increased to the
highest level that the Secretary of the Treasury
determines would not cause the aggregate amount of the
credits allowed by paragraph (1) to be a revenue loss
to the Treasury. For purposes of this subparagraph, the
determination shall be based on--
(i) the amount of Federal income tax
withheld from each qualified retained employee
during the period of employment under the
program and the employee retention period, and
(ii) all unemployment benefits which that
employee would have continued to receive during
the period of employment under the program and
the employee retention period had that employee
not been employed.
(3) Qualified retained employee.--For purposes of paragraph
(1), an employee is a qualified retained employee if the
employee--
(A) whose hiring date with the employer is after
the beginning of the debit card stimulus program and
who first begins work before the end of the program,
and
(B) who, without a break in service, performs
services in the United States for the employer for the
employee retention period.
(4) Employee retention period.--For purposes of this
subsection, the employee retention period is the 6-month period
beginning on the day after the end of the debit card stimulus
program.
(5) Specified dismissed employee.--For purposes of
paragraph (1), an employee is a specified dismissed employee of
an employer if--
(A) the employee was performing services in the
United States for the employer before the beginning of
the debit card stimulus program, and
(B) the employee was separated from service during
the 12-month period beginning on the first day of the
program.
(6) Employee.--For purposes of this subsection, an employee
shall not be taken into account for purposes of this subsection
unless the employee typically performs not less than 35 hours
of service (or the equivalent thereof) for the employer. For
purposes of the preceding sentence, the term ''hour of
service'' means a time of service determined under regulations
prescribed by the Secretary of Labor.
(7) Business credit.--The credit allowed under paragraph
(1) shall be treated as a business credit allowed under subpart
D of part IV of subchapter A of chapter 1 of the Internal
Revenue Code of 1986.
(i) Regulations.--The Secretary of the Treasury or the Secretary's
delegate shall issue such regulations as may be necessary to carry out
this Act.

SEC. 3. APPROPRIATIONS.

(a) Excess Funds From Operation Enduring Freedom.--Funds made
available to the Department of Defense for Overseas Contingency
Operations that are in excess of the amounts required by the Department
for Operation Enduring Freedom because of the redeployment of members
of the Armed Forces of the United States from Afghanistan are hereby
made available to carry out this Act.
(b) Repatriation of Foreign Earnings.--The amount equal to the
taxes received in the Treasury of the United States pursuant to any
provision of law enacted pursuant to an Act of Congress enacted after
the date of the enactment of this Act which provides for a reduced tax
rate on profits held outside the United States by domestic corporations
upon the return of such funds to the United States.
Economic Stimulus, Tax Credit Act of 2012 - Directs the Secretary of Commerce to establish a debit card stimulus program for issuing pre-loaded six-month debit cards to eligible taxpayers.

Prescribes the amount on the debit card to be the sum of: (1) $5,000 for a taxpayer who filed a joint income tax return for the first taxable year beginning in 2011; (2) $3,000 for a taxpayer who filed an individual income tax return for the same taxable year; plus (3) $500, but only if the taxpayer uses the debit card to acquire a new U.S.-manufactured passenger automobile by way of an 18-month lease (renewable at the lessee's option).

Limits a debit card to taxpaying U.S. citizens whose gross income does not exceed $50,000 ($75,000 for those filing joint returns), plus a phaseout amount calculated according to a specified formula. Excludes individuals claimed as dependents on another taxpayer's income tax return.

Allows use of the debit card to purchase durable goods, clothes, services (other than medical and business-related legal services) performed within the United States, and the residential home mortgage payments of a debtor at least three months in arrears.

Prohibits the use of a debit card for any purchase of a good or service, or the acquisition of a passenger automobile under a lease, if its cost is greater than the amount provided under the debit card stimulus program.

Prescribes certain other restrictions on the use of a debit card.

Allows an income tax employee retention credit to an employer of any qualified retained employee: (1) whose hiring date with the employer follows the beginning of the debit card stimulus program and who first begins work before the end of the program; and (2) who, without a break in service, performs services in the United States for the employer for the six months following the end of the debit card stimulus program (employee retention period).

Sets the amount of an employee retention credit at the excess (if any) of: (1) $3,000 multiplied by the number of qualified retained employees, minus (2) $3,000 multiplied by the number of specified dismissed employees.

Makes available to carry out this Act any funds made available to the Department of Defense (DOD) for Overseas Contingency Operations in excess of the amounts required by DOD for Operation Enduring Freedom because of the redeployment of members of the U.S. Armed Forces from Afghanistan.