Rollover any line of text to comment and/or link to it.
S 55 IS
110th CONGRESS
1st Session
S. 55
To amend the Internal Revenue Code of 1986 to repeal the individual alternative minimum tax.
IN THE SENATE OF THE UNITED STATES
January 4, 2007
Mr. BAUCUS (for himself, Mr. GRASSLEY, Mr. SCHUMER, Mr. KYL, and Mr. CRAPO) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to repeal the individual alternative minimum tax.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
SEC. 2. REPEAL OF INDIVIDUAL ALTERNATIVE MINIMUM TAX.
(a) In General- Section 55(a) of the Internal Revenue Code of 1986 (relating to alternative minimum tax imposed) is amended by adding at the end the following new flush sentence:
`For purposes of this title, the tentative minimum tax on any taxpayer other than a corporation for any taxable year beginning after December 31, 2006, shall be zero.'.
(b) Modification of Limitation on Use of Credit for Prior Year Minimum Tax Liability- Subsection (c) of section 53 of the Internal Revenue Code of 1986 (relating to credit for prior year minimum tax liability) is amended to read as follows:
`(c) Limitation-
`(1) IN GENERAL- Except as provided in paragraph (2), the credit allowable under subsection (a) for any taxable year shall not exceed the excess (if any) of--
`(A) the regular tax liability of the taxpayer for such taxable year reduced by the sum of the credits allowable under subparts A, B, D, E, and F of this part, over
`(B) the tentative minimum tax for the taxable year.
`(2) TAXABLE YEARS BEGINNING AFTER 2006- In the case of any taxable year beginning after 2006, the credit allowable under subsection (a) to a taxpayer other than a corporation for any taxable year shall not exceed 90 percent of the regular tax liability of the taxpayer for such taxable year reduced by the sum of the credits allowable under subparts A, B, D, E, and F of this part.'.
(c) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2006.
U.S. Congress - Text of S.55 as Introduced in Senate Individual Alternative Minimum Tax Repeal Act of 2007
