Alternative Minimum Tax and Extenders Tax Relief Act of 2008

A bill to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes.

6/6/2008--Introduced.
Alternative Minimum Tax and Extenders Tax Relief Act of 2008 - Amends the Internal Revenue Code to extend expiring provisions relating to the alternative minimum tax, individual and business taxpayers, energy conservation, and tax administration. Extends through 2008 for individual taxpayers:
(1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liabilities; and
(2) the increased AMT exemption amounts. Extends through 2009:
(1) the election to deduct state and local sales taxes in lieu of state and local income taxes;
(2) the tax deductions for qualified tuition and related expenses and for certain expenses of elementary and secondary school teachers;
(3) tax-free distributions from individual retirement accounts (IRAs) for charitable purposes; and
(4) tax rules for treatment of stock and dividends of regulated investment companies and for qualified investment entities.
Extends through 2009 various business-related tax provisions, including:
(1) the tax credit for increasing research activities;
(2) the new markets tax credit;
(3) the subpart F income exemption for active financing income;
(4) accelerated depreciation for qualified leasehold and restaurant improvements, for business property on Indian reservations, and for motorsports racing track facilities;
(5) the expanded tax deductions for charitable contributions of food and book inventories by noncorporate taxpayers;
(6) the special rules for related controlled foreign corporations and for the tax treatment of certain payments to tax-exempt organizations by a controlled subsidiary;
(7) the special rule for reductions in the basis of S corporation stock for charitable contributions of property;
(8) the increase in alcohol excise taxes payable to Puerto Rico and the Virgin Islands;
(9) the economic development credit for American Samoa;
(10) tax incentives for mine rescue team training and advanced mine safety equipment;
(11) expensing allowances for film and television production costs and for environmental remediation costs;
(12) the tax deduction for income attributable to domestic production activities in Puerto Rico;
(13) issuance authority for qualified zone academy bonds;
(14) the Indian employment tax credit;
(15) the tax credit for railroad track maintenance; and
(16) work opportunity tax credit eligibility for Hurricane Katrina employees (through August 28, 2009).
Extends through 2009 tax credits for:
(1) production of electricity from certain renewable resources;
(2) residential energy efficient property expenditures;
(3) investment in clean renewable energy bonds;
(4) energy efficient improvements to principal residences;
(5) new energy efficient home expenditures;
(6) energy efficient home appliances produced after 2007; and
(7) biodiesel, renewable, and certain alternative fuels. Includes marine and hydrokinetic renewable energy as a renewable resource for purposes of the tax credit for producing electricity from renewable resources.
Extends through 2016 the investment tax credit for solar energy, fuel cell, and microturbine property. Repeals the dollar per kilowatt limitation on fuel cell property. Allows the offset of energy tax credit amounts against the AMT. Allows public electric utility property to qualify for the energy investment tax credit. Extends through 2009:
(1) the tax deduction for energy efficient commercial buildings; and
(2) the suspension of the taxable income limitation on percentage depletion for oil and natural gas produced from marginal properties.
Makes permanent IRS authority to:
(1) conduct undercover operations;
(2) disclose tax information to state agencies to facilitate combined employment tax reporting; and
(3) disclose tax return information to the Department of Veteran Affairs (VA) for veterans benefit determinations. Extends through 2009 IRS authority to disclose tax return information related to terrorist activities.


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Sponsor

• Sen. Mitch McConnell [R, KY]
• and 15 Co-Sponsors
  • Sen. Jim Bunning [R, KY]
  • Sen. C. Saxby Chambliss [R, GA]
  • Sen. John Cornyn [R, TX]
  • Sen. Michael Crapo [R, ID]
  • Sen. Elizabeth Dole [R, NC]
  • Sen. John Ensign [R, NV]
  • Sen. Michael Enzi [R, WY]
  • Sen. Charles Grassley [R, IA]
  • Sen. Orrin Hatch [R, UT]
  • Sen. James Inhofe [R, OK]
  • Sen. Jon Kyl [R, AZ]
  • Sen. Mel Martinez [R, FL]
  • Sen. Pat Roberts [R, KS]
  • Sen. John Sununu [R, NH]
  • Rep. Roger Wicker [R, MS-1]
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Amendments

This bill has no amendments.

Amendments to S.3098

Number	Status	Purpose

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
June 06, 2008

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• Added to calendar on Jun 09, 2008: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 771..
• Jun 06, 2008: Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
• Introduced on Jun 06, 2008.

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Related Bills:

• S.2886

Related Issue Areas:

• Water resources
• Water conservation
• Virgin Islands
• Veterans
• 104 more
• Undercover operations
• Transportation
• Trade
• Tidal power
• Terrorism
• Television industry
• Teachers
• Taxation of foreign income
• Tax-exempt organizations
• Tax returns
• Tax exemption
• Tax exclusion
• Tax deductions
• Tax credits
• Tax administration
• Subsidiary corporations
• Stocks
• State taxation
• State and local government
• Sports
• Solid wastes
• Solar energy
• Social security taxes
• Social security
• Small business
• Science policy
• School buildings
• Sales tax
• Rural affairs
• Restaurants
• Research and development tax credit
• Rescue work
• Refuse as fuel
• Refrigeration
• Railroad engineering
• Puerto Rico
• Pensions
• Ocean energy resources
• Mutual funds
• Motion pictures
• Minority employment
• Minorities
• Minimum tax
• Mine safety
• Military pay
• Medical care
• Local taxation
• Leases
• Labor
• Irrigation
• Inventories
• Internal Revenue Service (IRS)
• Insurance
• Indian economic development
• Income tax
• Incineration
• Hurricanes
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• Housing
• Holding companies
• Higher education
• Heating
• Heat pumps
• Health policy
• Health insurance
• Fuel cells
• Foreign corporations
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• Finance
• Executive departments
• Environmental protection
• Enterprise zones
• Energy efficiency
• Energy conservation
• Energy
• Emergency management
• Elementary and secondary education
• Electric utilities
• Electric power transmission
• Electric appliances
• Education of the disadvantaged
• Education
• Economic policy
• Economic development
• Diesel motor
• Depressed areas
• Depreciation and amortization
• Depletion allowances
• Department of the Treasury
• Criminal justice
• Corporation taxes
• College costs
• Charitable contributions
• Capital gains tax
• Business
• Books
• Biomass energy
• American Samoa
• Alternative energy sources
• Alcoholic beverages
• Alcohol tax
• Air conditioning
• Agriculture
• Taxation

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In the News

June 11, 2008 ENSIGN VOTES AGAINST BILLION DOLLAR TAX EARMARK

Ensign is leading efforts on a competing bill, S. 3098, which extends key tax relief for families, small businesses and renewable energy development. ...

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Source: PolitickerNV, NV

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Blog Coverage

October 05, 2008 The Bridge: BIG WINNERS IN THE BAILOUT PLAN: U.S. MULTINATIONALS ...

This extension was part of McConnell et al’s “Substitute Amendment To S. 3098 The Tax Extenders And Alternative Minimum Tax Relief Act Of 2008.” Thanks to the Senate bailout plan, the Look-Through rule has been extended for another year ...

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Source: The Bridge

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October 05, 2008 MITCH MCCONNEL AND THE TAX BREAK SWEETNERS IN THE SENATE BAILOUT ...

Nearly (if not) all of the tax provisions in the Senate’s bailout out came from the McConnell, Kyl, and Hatch substitute amendment to the S. 3098 the Tax Extenders. and Alternative Minimum Tax Relief Act of 2008. ...

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Source: The Bridge

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August 27, 2008 solarnation » James Inhofe on Energy

Further, I have joined with my Republican colleagues in cosponsoring legislation, the Alternative Minimum Tax and Extenders Tax Relief Act of 2008, (S. 3098) which extends the renewable production tax credit for another year. ...

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