Text: H.R.5590 — 109th Congress (2005-2006)All Bill Information (Except Text)

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Introduced in House (06/13/2006)


109th CONGRESS
2d Session
H. R. 5590

To amend the Internal Revenue Code of 1986 to provide individuals relief from the alternative minimum tax.


IN THE HOUSE OF REPRESENTATIVES
June 13, 2006

Mr. Reynolds (for himself, Mr. English of Pennsylvania, Mr. Hayworth, Mr. Weller, Mr. Lewis of Kentucky, Mr. Foley, Mr. Linder, Mr. Sweeney, Mr. McCotter, Mr. Wilson of South Carolina, Mrs. Jo Ann Davis of Virginia, Mr. Schwarz of Michigan, Ms. Harris, Mr. Tiberi, Mr. Ferguson, Mr. McHugh, Mrs. Drake, Mr. Garrett of New Jersey, Mr. Gillmor, Ms. Ginny Brown-Waite of Florida, Mr. Conaway, Mr. Kingston, Mrs. Myrick, Mrs. Bono, Mr. Sessions, Mr. Westmoreland, Ms. Jackson-Lee of Texas, Mr. Kuhl of New York, Mr. Simmons, Mr. Smith of Texas, Mr. Wicker, Mrs. Kelly, Mr. Kline, Mr. Kennedy of Minnesota, Mr. Murphy, and Mrs. Biggert) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to provide individuals relief from the 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.

This Act may be cited as the “Stealth Tax Relief Extension Act of 2006”.

SEC. 2. Increase in alternative minimum tax exemption amount for 2007.

(a) In general.—Section 55(d)(1) of the Internal Revenue Code of 1986 (relating to exemption amount for taxpayers other than corporations) is amended—

(1) by striking “$62,550 in the case of taxable years beginning in 2006” in subparagraph (A) and inserting “$66,100 in the case of taxable years beginning in 2007”, and

(2) by striking “$42,500 in the case of taxable years beginning in 2006” in subparagraph (B) and inserting “$44,900 in the case of taxable years beginning in 2007”.

(b) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2006.

SEC. 3. Allowance of nonrefundable personal credits against regular and alternative minimum tax liability.

(a) In general.—Paragraph (2) of section 26(a) of the Internal Revenue Code of 1986 is amended—

(1) by striking “2006” in the heading thereof and inserting “2007”, and

(2) by striking “or 2006” and inserting “2006, or 2007”.

(b) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2006.