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Shown Here: Introduced in House (04/18/2007)
110th CONGRESS 1st Session
H. R. 1923
To amend the Internal Revenue Code of 1986 to modify the
exemption amount for the alternative minimum tax.
IN THE HOUSE OF REPRESENTATIVES
April 18, 2007
Mr. McCarthy of
California 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 modify the
exemption amount for 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 “American
Marriage Tax Relief Act of 2007”.
SEC. 2. Modification of
exemption amount for alternative minimum tax.
(a) Increase of
exemption amount.—Paragraph (1) of section 55(d) of the Internal
Revenue Code of 1986 (relating to exemption amount for taxpayers other than
corporations) is amended—
(1) in subparagraph
(A) by striking “$45,000 ($62,550 in the case of taxable years beginning
in 2006)” and inserting “$85,000”,
(2) in subparagraph
(B) by striking “$33,750 ($42,500 in the case of taxable years beginning
in 2006)” and inserting “50 percent of the dollar amount
applicable under subparagraph (A)”, and
(3) in subparagraph
(C) by striking “paragraph (1)(A)” and inserting
“subparagraph (A)”.
(b) Increase of
alternative minimum taxable income for phase-out of exemption
amount.—Paragraph (3) of section 55(d) of the Internal Revenue
Code of 1986 (relating to phase-out of exemption amount) is amended—
(1) in subparagraph
(A)—
(A) by striking
“$150,000” and inserting “$225,000”, and
(B) by striking
“paragraph (1)(A) or (2)” and inserting “paragraph
(1)(A)”,
(2) in subparagraph
(B)—
(A) by striking
“$112,500” and inserting “50 percent of the dollar amount
applicable under subparagraph (A)”, and
(B) by striking
“and” at the end,
(3) in subparagraph
(C)—
(A) by striking
“$75,000 ” and inserting “50 percent of the dollar amount
applicable under subparagraph (A)”, and
(B) by striking
“subparagraph (C) or (D) of paragraph (1).” and inserting
“paragraph (1)(C),”
(4) by
inserting after subparagraph (C) the following new subparagraphs:
“(D) $75,000 in the case
of a taxpayer described in paragraph (1)(D), and
“(E) $150,000 in the case of a taxpayer
described in paragraph
(2).”.
(c) Inflation
adjustment.—Subsection (d) of section 55 of the Internal Revenue
Code of 1986 (relating to exemption amount) is amended by adding at the end the
following new paragraph:
“(4) INFLATION
ADJUSTMENT.—In the case of any
taxable year beginning in a calendar year after 2006, the dollar amounts
contained in paragraph (1)(A) and paragraph (3)(A) shall be increased by an
amount equal to—
“(A) such dollar
amount, multiplied by
“(B) the cost-of-living
adjustment determined under section 1(f)(3) for the calendar year in which the
taxable year begins, determined by substituting ‘calendar year
2005’ for ‘calendar year 1992’ in subparagraph (B)
thereof.
Any
increase determined under the preceding sentence shall be rounded to the
nearest multiple of
$100.”.
(d) Effective
date.—The amendments made by this section shall apply to taxable
years beginning after December 31, 2006.