Alternative Minimum Tax and Extenders Tax Relief Act of 2008

A bill to amend the Internal Revenue Code of 1986 to amend certain expiring provisions.

4/17/2008--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 alternative minimum tax (AMT) liability; and
(2) increased AMT exemption amounts.
Extends through 2009:
(1) the election to include combat zone compensation as earned income for purposes of the earned income tax credit;
(2) tax-free distributions from individual retirement plans (IRAs) for individuals called or ordered to active military duty and for charitable purposes;
(3) the election to deduct state and local sales taxes in lieu of state and local income taxes;
(4) the tax deductions for qualified tuition and related expenses and for certain expenses of elementary and secondary school teachers;
(5) authority for use of qualified mortgage bonds to finance residences for veterans;
(6) provisions relating to regulated investment companies and qualified investment entities; and
(7) the special rule for charitable contributions of capital gain real property for conservation purposes.
Extends through 2009 various business-related tax provisions, including:
(1) the tax credit for increasing research activities;
(2) the new markets tax credit;
(3) provisions relating to foreign personal holding company income;
(4) accelerated deprecation for qualified leasehold and restaurant improvements, for motorsports racing track facilities, and for business property on Indian reservations;
(5) the expanded tax deduction for charitable contributions of food and book inventories by noncorporate taxpayers;
(6) the special rule 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) increases in alcohol excise taxes payable to Puerto Rico and the Virgin Islands;
(9) parity provisions for group health insurance mental health benefits;
(10) the economic development credit for American Samoa;
(11) tax incentives for mine rescue team training and advanced mine safety equipment;
(12) the expensing allowance for film and television production expenditures and for environmental remediation costs;
(13) the tax deduction for income attributable to domestic production activities in Puerto Rico;
(14) issuance authority for qualified zone academy bonds;
(15) the Indian employment tax credit;
(16) the tax credit for railroad track maintenance; and
(17) work opportunity tax credit eligibility for Hurricane Katrina employees. Extends through 2009 tax credits for:
(1) energy efficient appliances;
(2) nonbusiness energy property;
(3) residential energy efficient property;
(4) producing electricity from renewable resources;
(5) new energy efficient homes; and
(6) investment in certain energy property and in clean renewable energy bonds. Extends through 2009 the tax deduction for energy efficient commercial buildings. Makes permanent the authority for Internal Revenue Service (IRS) undercover operations and combined employment tax reporting. Extends through 2009 IRS authority for disclosure of tax information relating to terrorist activities.

... morehide bill summary

Sponsor

• Sen. Max Baucus [D, MT]
• and 12 Co-Sponsors
  • Sen. Jim Bunning [R, KY]
  • Sen. Benjamin Cardin [D, MD]
  • Sen. Michael Crapo [R, ID]
  • Sen. Charles Grassley [R, IA]
  • Sen. Jon Kyl [R, AZ]
  • Sen. John Rockefeller [D, WV]
  • Sen. Ken Salazar [D, CO]
  • Sen. Charles Schumer [D, NY]
  • Gordon Smith
  • Sen. Olympia Snowe [R, ME]
  • Sen. Debbie Ann Stabenow [D, MI]
  • John Sununu
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Committees

• Senate Finance

Amendments

This bill has no amendments.

Amendments to S.2886

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
April 17, 2008

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All Bill Actions

• Apr 17, 2008: Sponsor introductory remarks on measure. (CR S3156-3157)
• Apr 17, 2008: Read twice and referred to the Committee on Finance.
• Introduced on Apr 17, 2008.

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Related Bills:

• S.3098

Related Issue Areas:

• Taxation
• Alcohol tax
• Alcoholic beverages
• Alternative energy sources
• 92 more
• American Samoa
• Books
• Business
• Capital gains tax
• Charitable contributions
• College costs
• Corporation taxes
• Criminal justice
• Department of the Treasury
• Depreciation and amortization
• Depressed areas
• Earned income tax credit
• Economic development
• Economic policy
• Education
• Education of the disadvantaged
• Electric appliances
• Elementary and secondary education
• Emergency management
• Energy
• Energy conservation
• Energy efficiency
• Enterprise zones
• Environmental protection
• Executive departments
• Finance
• Food
• Health insurance
• Health policy
• Higher education
• Holding companies
• Housing
• Humanities
• Hurricanes
• Income tax
• Indian economic development
• Individual retirement accounts
• Internal Revenue Service (IRS)
• Inventories
• Labor
• Leases
• Local taxation
• Medical care
• Mental health services
• Military pay
• Mine safety
• Minimum tax
• Minorities
• Minority employment
• Mortgages
• Motion pictures
• Mutual funds
• Pensions
• Puerto Rico
• Railroad engineering
• Rescue work
• Research and development tax credit
• Restaurants
• Rural affairs
• Sales tax
• School buildings
• Science policy
• Small business
• Social security
• Social security taxes
• Sports
• State and local government
• State taxation
• Stocks
• Subsidiary corporations
• Tax administration
• Tax credits
• Tax deductions
• Tax exclusion
• Tax exemption
• Tax returns
• Tax-exempt organizations
• Teachers
• Television industry
• Terrorism
• Transportation
• Undercover operations
• Veterans
• Virgin Islands
• Welfare
• Coal
• Foreign corporations
• Fuel cells
• Insurance
• Solar energy
• Taxation of foreign income
• Trade

Data from the Congressional Research Service

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In the News

April 21, 2008 Senate Finance Committee Releases Bipartisan Tax Plan

A bipartisan package (S. 2886) of extensions to existing and expired tax breaks was released last week by Senate Finance Committee leaders that would ...

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Blog Coverage

November 20, 2008 NAICU - House Passes Extension of IRA Rollover, Tuition Deduction

The cost of this bill (S. 2886) is not currently offset, however Baucus has indicated the bill will be fully offset before it is considered by the Finance Committee. He would like to move the bill in June. ...

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Source: NAICU News Room

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September 27, 2008 Tax Credit Bonds: A Brief Explanation: Open CRS Network - CRS ...

Several bills have been introduced in the 110th Congress that would extend, expand, modify, or create new tax credit bonds. S. 2886 would extend QZABs two years, through 2009, and would add $400 million in capacity to the CREB program. ...

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August 19, 2008 Tax Credit Bonds: A Brief Explanation

S. 2886 would extend QZABs two years, through 2009, and would add $400 million in capacity to the CREB program. HR 6049, which was approved by the House on May 21, 2008, would extend QZABs one year, expand CREBs, and create a new type ...

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