H.R.6275 - Alternative Minimum Tax Relief Act of 2008110th Congress (2007-2008)
|Sponsor:||Rep. Rangel, Charles B. [D-NY-15] (Introduced 06/17/2008)|
|Committees:||House - Ways and Means | Senate - Finance|
|Committee Reports:||H. Rept. 110-728|
|Latest Action:||06/26/2008 Received in the Senate and Read twice and referred to the Committee on Finance. (All Actions)|
|Major Recorded Votes:||06/25/2008 : Passed House|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.6275 — 110th Congress (2007-2008)All Bill Information (Except Text)
Passed House amended (06/25/2008)
Alternative Minimum Tax Relief Act of 2008 - Title I: Individual Tax Relief - Amends the Internal Revenue Code to: (1) increase and extend through 2008 the alternative minimum tax (AMT) exemption amounts; and (2) extend through 2008 the offset of certain nonrefundable personal tax credits against regular and AMT tax liability.
Title II: Revenue Provisions- (Sec. 201) Defines an "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership about investing in, purchasing, or selling specified assets; (2) managing, acquiring, or disposing of specified assets; or (3) arranging financing with respect to acquiring specified assets.
Treats as ordinary income (i.e., income taxed at regular income tax rates) net income received by a partner from such an interest, except to the extent such income is attributable to the partner's invested capital. Sets forth rules for the treatment of losses with respect to such an interest.
Directs the Secretary of the Treasury to prescribe regulations for implementing tax rules relating to such interests. Exempts real estate investment trusts (REITs) and publicly traded partnerships from the application of ordinary income tax rules for such interests. Imposes tax penalties for underpayment of tax resulting from noncompliance with tax rules relating to such interests. Makes net income from such an interest subject to self-employment tax.
(Sec. 202) Denies any major integrated oil company (a company with an average daily worldwide production of crude oil of at least 500,000 barrels for the taxable year and gross receipts in excess of $1 billion for its last taxable year ending during calendar year 2005) a tax deduction for income attributable to the domestic production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof.
Reduces the tax deduction for income attributable to domestic production activities for taxpayers other than major integrated oil companies by 3% of the least of their: (1) oil related qualified production activities for the taxable year; (2) qualified production activities income for the taxable year; or (3) taxable income. Defines "oil related qualified production activities income" as income attributable to the production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof.
Makes such provisions effective for taxable years beginning in 2009.
(Sec. 203) Prohibits any reduction of tax withholding for payments made by a U.S. subsidiary of a foreign parent corporation to a related subsidiary in any country that has a tax treaty with the United States, except for payments made directly to the foreign parent corporation.
(Sec. 204) Requires payment settlement entities (e.g., banks and third party settlement organizations) to report identifying information and the gross amount of reportable payment transactions (i.e., payment card and third party network transactions) to the Internal Revenue Service (IRS).
(Sec. 205) Expands the continuous tax levy on payments to vendors for goods and services to include payments for all property and services.
(Sec. 206) Amends the Tax Increase Prevention and Reconciliation Act of 2005 to: (1) repeal the adjustment to the estimated tax liability of corporations with at least $1 billion in assets for the third quarter of 2012; and (2) increase the estimated tax payments of such corporations in the third quarter of 2013 by 59.5%.