To amend the Internal Revenue Code of 1986 to reduce the alternative minimum tax by increasing the exemption amounts and adjusting them for inflation and by making permanent law the allowance of the dependent care credit, the child credit, and the adoption credit against such tax.
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To amend the Internal Revenue Code of 1986 to reduce the alternative minimum tax by increasing the exemption amounts and adjusting them for inflation and by making permanent law the allowance of the dependent care credit, the child credit, and the adoption credit against such tax.CommentsClose CommentsPermalink
IN THE HOUSE OF REPRESENTATIVES
October 4, 2007
Mr. HALL of New York introduced the following bill; which was referred to the Committee on Ways and MeansCommentsClose CommentsPermalink
A BILL
To amend the Internal Revenue Code of 1986 to reduce the alternative minimum tax by increasing the exemption amounts and adjusting them for inflation and by making permanent law the allowance of the dependent care credit, the child credit, and the adoption credit against such tax.CommentsClose CommentsPermalink
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink
(1) IN GENERAL- Paragraph (1) of section 55(d) of the Internal Revenue Code of 1986 is amended--CommentsClose CommentsPermalink
(A) by striking `$45,000 ($62,550 in the case of taxable years beginning in 2006)' and inserting `$100,000',CommentsClose CommentsPermalink
(B) by striking `$33,750 ($42,500 in the case of taxable years beginning in 2006)' and inserting `50 percent of the dollar amount applicable under subparagraph (A)', andCommentsClose CommentsPermalink
(2) INFLATION ADJUSTMENT- Subsection (d) of section 55 of such Code is amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink
`(A) IN GENERAL- In the case of any taxable year beginning in a calendar year after 2008, the dollar amounts contained in paragraphs (1) and (3) shall be increased by an amount equal to--CommentsClose CommentsPermalink
`(ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting `calendar year 2007' for `calendar year 1992' in subparagraph (B) thereof.CommentsClose CommentsPermalink
Any increase determined under the preceding sentence shall be rounded to the nearest multiple of $100.CommentsClose CommentsPermalink
`(B) EXCEPTIONS- Subparagraph (A) shall not apply for purposes of determining any dollar amount applicable to a corporation, estate, or trust.'.CommentsClose CommentsPermalink
(b) Allowance of Child Credit and Adoption Credit Against AMT Made Permanent Law- Title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 shall not apply to the amendments made by sections 201(b) and 202(f) of such Act.CommentsClose CommentsPermalink
(2) Section 21 of such Code is amended by redesignating subsection (f) as subsection (g) and by inserting after subsection (e) the following new subsection:CommentsClose CommentsPermalink
`(f) Limitation Based on Amount of Tax- In the case of a taxable year to which section 26(a)(2) does not apply, the credit allowed under subsection (a) for any taxable year shall not exceed the excess of--CommentsClose CommentsPermalink
`(1) the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, overCommentsClose CommentsPermalink
`(2) the sum of the credits allowable under this subpart (other than this section and sections 23, 24, and 25B) and section 27 for the taxable year.'.CommentsClose CommentsPermalink
(1) IN GENERAL- Except as provided in paragraph (2), the amendments made by this section shall apply to taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink
(2) ALLOWANCE OF DEPENDENT CARE CREDIT AGAINST AMT- The amendments made by subsection (c) shall apply to taxable years beginning after December 31, 2006.CommentsClose CommentsPermalink
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U.S. Congress - Text of H.R.3758 as Introduced in House Family Tax Relief Act of 2007
