H.R.7005 - Alternative Minimum Tax Relief Act of 2008110th Congress (2007-2008)
|Sponsor:||Rep. Rangel, Charles B. [D-NY-15] (Introduced 09/23/2008)|
|Committees:||House - Ways and Means|
|Latest Action:||12/11/2008 Motion by Senator Reid to reconsider the vote by which cloture on the motion to proceed to the measure (Record Vote No. 215] was not invoked entered in Senate. (All Actions)|
|Major Recorded Votes:||09/24/2008 : Passed House|
This bill has the status Passed House
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Summary: H.R.7005 — 110th Congress (2007-2008)All Bill Information (Except Text)
Passed House without amendment (09/24/2008)
(This measure has not been amended since it was introduced. The summary of that version is repeated here.)
Alternative Minimum Tax Relief Act of 2008 - Amends the Internal Revenue Code to extend through 2008 for individual taxpayers: (1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liability; and (2) the increased alternative minimum tax (AMT) exemption amounts.
Increases the alternative minimum tax (AMT) refundable credit amount for individuals who have long-term unused minimum tax credits from prior taxable years. Abates any underpayment of tax attributable to the application of special AMT rules for the treatment of incentive stock options.