Alternative Minimum Tax Relief Act of 2008

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The Alternative Minimum Tax Relief Act of 2008 (H.R.6275) was a bill in the 110th Congress "to amend the Internal Revenue Code of 1986 to provide individuals temporary relief from the alternative minimum tax, and for other purposes." (Official title.)[1]


To amend the Internal Revenue Code of 1986 to provide individuals temporary relief from the alternative minimum tax, and for other purposes.
Sponsor: Rep. Charles Rangel [D, NY-15]Committees: Senate Finance, House Ways and Means


Article summary (how summaries work)
  • Raises the AMT exemption amount for taxpayers other than corporations from $66,250 to $66,950 for an individual filing a joint return or who is a surviving spouse and lowers the AMT from $44,350 to $46,200 for an individual who is not married and is not a surviving spouse, for the taxable years beginning with 2008 (Sec. 101). [1]
  • Adds receipts from the domestic production, refining, processing, transportation, or distribution of oil and gas or their primary products to the taxable income of major integrated oil companies (Sec. 202).[1]
  • Increases the penalty for underpayment of tax required in cases of property transferred for investment management services from a fine of 20 percent to 40 percent of the underpayment amount (Sec. 201). [1]
  • Lowers the domestic production income tax deduction for oil producers that are not major integrated oil companies (Sec. 202). [1]
  • Prohibits treaties from reducing the withholding tax for payments between members of the same foreign controlled group of entities in certain circumstances (Sec. 203).[1]
  • Provides that a credit card company's transactions with a payee be reported to the Internal Revenue Service (IRS) beginning in the 2011 calendar year if the company had more than 200 total transactions and the total amount reported exceeds $10,000 (Sec. 204). [1]
  • Decreases the amount for required installment of corporate estimated tax due in 2012 from 106.25 to 100 percent and increases the amount for 2013 from 100.75 to 161.25 percent for corporations with at least $1 billion in assets (Sec. 206).[1]


Contents

Key votes

  • Vote to pass a bill that raises taxes on certain oil, investment, and credit companies and increases alternative minimum tax (AMT) exemptions.[1]
House Record Vote (455)
June 25, 2008
On Passage: H R 6275 Alternative Minimum Tax Relief Act of 2008
On Passage
Percentage of 'Aye' votes: 53% - Passed
Required percentage of 'Aye' votes: 1/2 (50%)
233
Ayes
189
Nays
 DemRep Other
Ayes222100
Nays61830
Abst.660

Same for all scorecards:

Scored vote

Scorecard: National Journal 2008 House Scorecard

Org. position: Aye

Description:

"Revise the alternative minimum tax to prevent coverage of additional taxpayers, offset by increasing taxes on private-equity managers, reducing oil and gas company tax breaks, and tightening rules on foreign-owned companies. June 25. (233-189)"

(Original scorecard available at: http://www.nationaljournal.com/njmagazine/cs_20090228_4813.php)

Supporters

Related legislation

A bill with the same title, the Alternative Minimum Tax Relief Act of 2008 (H.R. 7005), was introduced September 23, 2008. Like its namesake, it sought "to amend the Internal Revenue Code of 1986" to provide "alternative minimum tax relief for individuals for 2008."[1]


To amend the Internal Revenue Code of 1986 to provide alternative minimum tax relief for individuals for 2008.
Sponsor: Rep. Charles Rangel [D, NY-15]Committees: House Ways and Means


The House passed this bill on September 24, 2008, by a vote of 393-30, but the bill did not move forward in the Senate.

In December 2008, while discussions were ongoing over the Auto Industry Financing and Restructuring Act of 2008 - which passed the House on December 10 - supporters of the auto industry bill in the Senate attempted to use the Alternative Minimum Tax Relief Act as a so-called "shell" bill to which would be added the Senate's version of the auto industry bill. Negotiators in the Senate were unable to reach a compromise and the plan failed when the Senate rejected a cloture motion that would have allowed them to proceed to consideration of the auto bill by a vote of of 52-35 on December 11, 2008.[1][1]

Senate Record Vote (215)
December 11, 2008
On the Cloture Motion (Motion to Invoke Cloture on the Motion to Proceed to Consider H.R. 7005. )
On the Cloture Motion
Percentage of 'Aye' votes: 52% - Cloture Motion Rejected
Required percentage of 'Aye' votes: 3/5 (60%)
52
Ayes
35
Nays
 DemRep Other
Ayes4192
Nays4310
Abst.480

Same for all scorecards:

Scored vote

Scorecard: Americans for Democratic Action 2008 Senate Scorecard

Org. position: Aye

Description:

"Motion to invoke cloture, limit debate, and vote on a bill related to the alternative minimum tax, which would serve as the vehicle for an emergency loan package for domestic automakers. Failing to receive the required 60 votes, the Motion was rejected 52-35"

(Original scorecard available at: http://www.adaction.org/pages/publications/voting-records.php)

Scored vote

Scorecard: Drum Major Institute 2008 Senate Scorecard

Org. position: Aye

Description:

"The automobile industry is a critical component of the American economy. Motor vehicle and parts industries employed over 700,000 people directly as of September and each job in the auto industry supports about 1.7 additional jobs in industries as diverse as textiles and retail. The Economic Policy Institute predicts that a worst-case-scenario shutdown of the entire U.S. auto industry would eliminate 3.3 million jobs—many of them solid middle-class positions. Most experts agree that bankruptcy in the current liquidity crisis would be devastating to the auto manufacturers: already weak sales would be exacerbated by consumers frightened to buy from a bankrupt manufacturer, and lending institutions normally accessible to bankrupt companies are now unavailable. As an alternative, this legislation imposes reasonable restructuring requirements, while ensuring that middle-class jobs are preserved in a period of deep economic crisis. The bill will prevent the short-term failure of the automobile industry in the United States and makes a leaner, more energy-efficient Detroit possible. An auto czar cannot make the Big Three automakers profitable. But the czar’s influence—backed up by the capacity to speed loan repayment and impose bankruptcy—and the thorough restructuring guidelines laid out by Congress can ensure that the American automakers do not once again fail to confront environmental concerns and recalcitrant management."

(Original scorecard available at: http://www.drummajorinstitute.org/library/report.php?ID=87)

Scored vote

Scorecard: National Journal 2008 Senate Scorecard

Org. position: Nay

Description:

"Allow the Senate to proceed to a bill authorizing $14 billion in government loans to domestic automobile manufacturers. December 11. (52-35; 60 votes required to invoke cloture. Reid voted no so that he could subsequently move to reconsider the vote.)"

(Original scorecard available at http://www.nationaljournal.com/njmagazine/cs_20090228_4813.php

Articles and resources

See also

Auto Industry Financing and Restructuring Act of 2008

References

    External articles

    External resources

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