In order to avert (or delay) the "Fiscal Cliff," Congress passed the American Taxpayer Relief Act (ARTA) of 2012. The new law extends a majority of the Bush-era tax cuts in the same form as they have existed since 2001 or 2003 when initially enacted.
Major exceptions include a rise in income rates, including rates on capital gains and qualifying dividends, on higher-income individuals and a slight increase in the estate tax rate. In addition to a general extension of the tax rates, many other tax provisions were affected by this legislation.