BUDGET, SPENDING AND TAXES NEWS

Manufacturing Comeback Act of 2012 - Amends the Internal Revenue Code to: (1) extend through 2016 the tax credit for research expenditures;  (2) increase to 25% the rate for the alternative simplified research tax credit; (3) extend through 2013 the 100% expensing allowance for depreciable business assets, the taxpayer election to accelerate the credit against the alternative minimum tax (AMT) in lieu of bonus depreciation, and the increased expensing allowance for small business property; and (4) reduce the maximum corporate income tax rate to 25% in 2013. Extends through 2013: (1) the Economic Growth and Tax Relief Reconciliation Act of 2011, and (2) provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 that reduce tax rates on dividend and capital gain income. American Manufacturing Efficiency and Retraining Investment Collaboration Achievement Works Act or the AMERICA Works Act - Amends the Workforce Investment Act of 1998, with respect to statewide and local adult and youth workforce investment employment and training programs, to require a one-stop delivery system, in selecting and approving training services or programs of training services, to give priority consideration to state- and local board-approved services and programs that lead to an industry-recognized and nationally portable credential that is in high demand in the local area served and listed in the skill credential registry created under this Act. Amends the Carl D. Perkins Career and Technical Education Act of 2006 and the Trade Act of 1974 to require the same priority consideration in the state and local plans for career and technical education programs, as well as in tech prep programs and trade adjustment assistance (TAA) programs. Requires that funds allocated for local area youth activities be used, in part, for training programs, giving priority consideration to those that lead to a registry-listed credential in high demand in the local area served. Requires the Secretary of Labor to: (1) create a registry of skill credentials; and (2) list in the registry credentials that are required by federal or state law for an occupation, that are from the Manufacturing Institute-Endorsed Manufacturing Skills Certification System, and that are industry-recognized and nationally portable credentials consistent with established industry competency models, as well as consistently updated to reflect changing industry competencies. Directs the Secretaries of Labor and Commerce to prepare for each research grant made by their departments a statement describing the economic impact of the activities to be carried out using the grant funding. Regulatory Flexibility Improvements Act of 2012 - Amends the Regulatory Flexibility Act of 1980 (RFA) to: (1) revise the definition of "rule" under such Act to exclude a rule of particular (and not general) applicability relating to rates, wages, and other financial indicators; and (2) define "economic impact" with respect to a proposed or final rule as any direct economic effect on small entities from such rule and any indirect economic effect on small entities that is reasonably foreseeable and that results from such rule. Requires initial and final regulatory flexibility analyses to: (1) describe alternatives to a proposed rule that minimize any adverse significant economic impact or maximize the beneficial significant economic impact on small entities, and (2) include revisions or amendments to a land management plan developed by the Secretary of Agriculture or the Secretary of the Interior under specified Acts. Requires each federal agency to include in its regulatory flexibility agenda a description of the sector of the North American Industrial Classification System that is affected by a proposed agency rule which is likely to have a significant economic impact on a substantial number of small entities. Expands elements of initial and final regulatory flexibility analyses under RFA to include estimates and descriptions of the cumulative economic impact of a proposed rule on a small entity. Repeals provisions allowing a waiver or delay of the completion of an initial regulatory flexibility analysis. Requires the Chief Counsel for Advocacy of the Small Business Administration (SBA) to issue rules governing federal agency compliance with RFA requirements. Authorizes the Chief Counsel to modify or amend such rules, to intervene in agency adjudication relating to such rules, and to inform an agency of the impact of its rulemaking on small entities. Revises requirements for agency notification of the SBA Chief Counsel for Advocacy prior to the publication of any proposed rule. Requires agencies to provide the Chief Counsel with: (1) all materials prepared or utilized in making the proposed rule, and (2) information on the potential adverse and beneficial economic impacts of the proposed rule on small entities. Requires each agency to publish in the Federal Register a plan for the periodic review of existing and new rules that have a significant impact on a substantial number of small entities to determine whether such rules should be continued, amended, or rescinded. Provides for judicial review of an agency final rule for compliance with RFA requirements after the publication of such rule. Grants federal courts of appeal jurisdiction to review all final rules issued in accordance with RFA. Expresses the sense of Congress that schools should establish local and statewide partnerships with industry, especially manufacturing companies.

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