and all I see from yesterday is a vote on AMT. What gives?
http://www.senate.gov/pagelayout/legislative/a_three_sections_with_teasers/votes.htmhttp://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=2&vote=00215Alternative Minimum Tax Relief Act of 2008 (Placed on Calendar in Senate)
HR 7005 PCS
Calendar No. 1128
110th CONGRESS
2d Session
H. R. 7005
IN THE SENATE OF THE UNITED STATES
September 24 (legislative day, September 17), 2008
Received
December 8 (legislative day, November 20), 2008
Read the first time
December 9, 2008
Read the second time and placed on the calendar
AN ACT
To amend the Internal Revenue Code of 1986 to provide alternative minimum tax relief for individuals for 2008.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE, ETC.
(a) In General- This Act may be cited as the `Alternative Minimum Tax Relief Act of 2008'.
(b) Reference- Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986.
SEC. 2. EXTENSION OF ALTERNATIVE MINIMUM TAX RELIEF FOR NONREFUNDABLE PERSONAL CREDITS.
(a) In General- Paragraph (2) of section 26(a) is amended--
(1) by striking `or 2007' and inserting `2007, or 2008', and
(2) by striking `2007' in the heading thereof and inserting `2008'.
(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2007.
SEC. 3. EXTENSION OF INCREASED ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNT.
(a) In General- Paragraph (1) of section 55(d) is amended--
(1) by striking `($66,250 in the case of taxable years beginning in 2007)' in subparagraph (A) and inserting `($69,950 in the case of taxable years beginning in 2008)', and
(2) by striking `($44,350 in the case of taxable years beginning in 2007)' in subparagraph (B) and inserting `($46,200 in the case of taxable years beginning in 2008)'.
(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2007.
SEC. 4. INCREASE OF AMT REFUNDABLE CREDIT AMOUNT FOR INDIVIDUALS WITH LONG-TERM UNUSED CREDITS FOR PRIOR YEAR MINIMUM TAX LIABILITY, ETC.
(a) In General- Paragraph (2) of section 53(e) is amended to read as follows:
`(2) AMT REFUNDABLE CREDIT AMOUNT- For purposes of paragraph (1), the term `AMT refundable credit amount' means, with respect to any taxable year, the amount (not in excess of the long-term unused minimum tax credit for such taxable year) equal to the greater of--
`(A) 50 percent of the long-term unused minimum tax credit for such taxable year, or
`(B) the amount (if any) of the AMT refundable credit amount for the taxpayer's preceding taxable year (determined without regard to subsection (f)(2)).'.
(b) Treatment of Certain Underpayments, Interest, and Penalties Attributable to the Treatment of Incentive Stock Options- Section 53 is amended by adding at the end the following new subsection:
`(f) Treatment of Certain Underpayments, Interest, and Penalties Attributable to the Treatment of Incentive Stock Options-
`(1) ABATEMENT- Any underpayment of tax outstanding on the date of the enactment of this subsection which is attributable to the application of section 56(b)(3) for any taxable year ending before January 1, 2008 (and any interest or penalty with respect to such underpayment which is outstanding on such date of enactment), is hereby abated. The amount determined under subsection (b)(1) shall not include any tax abated under the preceding sentence.
`(2) INCREASE IN CREDIT FOR CERTAIN INTEREST AND PENALTIES ALREADY PAID- The AMT refundable credit amount, and the minimum tax credit determined under subsection (b), for the taxpayer's first 2 taxable years beginning after December 31, 2007, shall each be increased by 50 percent of the aggregate amount of the interest and penalties which were paid by the taxpayer before the date of the enactment of this subsection and which would (but for such payment) have been abated under paragraph (1).'.
(c) Effective Date-
(1) IN GENERAL- Except as provided in paragraph (2), the amendment made by this section shall apply to taxable years beginning after December 31, 2007.
(2) ABATEMENT- Section 53(f)(1) of the Internal Revenue Code of 1986, as added by subsection (b), shall take effect on the date of the enactment of this Act.
Passed the House of Representatives September 24, 2008.
Attest:
LORRAINE C. MILLER,
Clerk.
Calendar No. 1128
110th CONGRESS
2d Session
H. R. 7005
AN ACT
To amend the Internal Revenue Code of 1986 to provide alternative minimum tax relief for individuals for 2008.
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