S.2432 - AMT Equity Act of 2007

A bill to amend the Internal Revenue Code of 1986 to provide alternative minimum tax relief for 2007 and to provide special tax rates for certain capital gains and qualified dividend income for 2007, and for other purposes. view all titles (3)

All Bill Titles

  • Official: A bill to amend the Internal Revenue Code of 1986 to provide alternative minimum tax relief for 2007 and to provide special tax rates for certain capital gains and qualified dividend income for 2007, and for other purposes. as introduced.
  • Official: A bill to amend the Internal Revenue Code of 1986 to provide alternative minimum tax relief for 2007 and to provide special tax rates for certain capital grains and qualified dividend income for 2007, and for other purposes. as introduced.
  • Short: AMT Equity Act of 2007 as introduced.

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Introduced
 
Senate
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House
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President
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12/06/07
 
 
 
 
 
 
 

Official Summary

AMT Equity Act of 2007 - Amends the Internal Revenue Code to extend through 2007: (1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liability; and (2) the increased AMT exemption amounts. Repeals, for taxable years beginning in 2007, the

Official Summary

AMT Equity Act of 2007 - Amends the Internal Revenue Code to extend through 2007:
(1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liability; and
(2) the increased AMT exemption amounts. Repeals, for taxable years beginning in 2007, the AMT for individual taxpayers whose adjusted gross income does not exceed $100,000 ($200,000 in the case of a joint return). Imposes, for taxable years beginning in 2007, a graduated increase in capital gains tax rates for any individual taxpayer whose adjusted gross income exceeds $1 million ($2 million in the case of a joint return). Exempts such a taxpayer from any estimated tax penalties resulting from an increase in capital gains tax rates in 2007.

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