S.Amdt. 609
What it does: Adds SEC. ____. EXTENSION OF MINIMUM TAX RELIEF on page 281, between lines 2 and 3
Sen. Richard J. Durbin (D-IL)What it changes
1 change to S. 1054
Adds SEC. ____. EXTENSION OF MINIMUM TAX RELIEF on page 281, between lines 2 and 3
Adds a sectionPrinted pageInserted: SEC. ____. EXTENSION OF MINIMUM TAX RELIEF.
Inserted: (a) Extension of Minimum Tax Relief.--
Inserted: (1) In general.--Paragraph (1) of section 55(d) (relating to exemption amount for taxpayers other than corporations), as amended by section 103 of this Act, is amended--
Inserted: (A) in the table in subparagraph (A)--
Inserted: (i) by striking "In 2003, 2004, and 2005" and inserting "After 2002", and
Inserted: (ii) by striking the last row (relating to the exemption amount in taxable years beginning after 2005) and inserting a period after "$61,000", and
Inserted: (B) in the table in subparagraph (B)--
Inserted: (i) by striking "In 2003, 2004, and 2005" and inserting "After 2002", and
Inserted: (ii) by striking the last row (relating to the exemption amount in taxable years beginning after 2005) and inserting a period after "$41,750".
Inserted: (2) Inflation adjustments.--Subsection (d) of section 55 is amended by inserting at the end the following new paragraph:
Inserted: "(4) Inflation Adjustment.--
Inserted: "(A) In general.--In the case of a taxable year beginning after 2005, the $61,000 amount in paragraph (1)(A) and the $41,750 amount in paragraph (1)(B) shall each be increased by an amount equal to--
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Inserted: "(i) such dollar amount, multiplied by
Inserted: "(ii) 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.
Inserted: "(B) Rounding.--If any amount as adjusted under subparagraph (A) is not a multiple of $50, such amount shall be rounded to the next lowest multiple of $50.".
Inserted: (3) Effective date.--The amendments made by this subsection shall apply to taxable years beginning after December 31, 2002 and before January 1, 2010.
Inserted: (b) Freeze of Top Income Rate.--
Inserted: (1) In general.--The table in paragraph (2) of section 1(i) (relating to reductions in rates after June 30, 2001), as amended by section 102 of this Act, is amended by striking "35.0%" in the last column and inserting "38.6%".
Inserted: (2) Effective date.--The amendment made by this section shall apply to taxable years beginning after December 31, 2002.
Inserted: (c) Repeal of Partial Exclusion of Dividends Received by Individuals.--The amendments made by section 201 of this Act are repealed.
Inserted: (d) Application of EGTRRA.--The amendments made by subsections (a) and (b) shall be subject to title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 to the same extent and in the same manner as the provision of such Act to which such amendment relates.
Original wording
On page 281, between lines 2 and 3, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 609. Mr. DURBIN submitted an amendment intended to be proposed by him to the bill S. 1054, to provide for reconciliation pursuant to section 201 of the concurrent resolution on the budget for fiscal year 2004; which was ordered to lie on the table; as follows:
On page 281, between lines 2 and 3, insert the following:
SEC. ____. EXTENSION OF MINIMUM TAX RELIEF.
(a) Extension of Minimum Tax Relief.--
(1) In general.--Paragraph (1) of section 55(d) (relating to exemption amount for taxpayers other than corporations), as amended by section 103 of this Act, is amended--
(A) in the table in subparagraph (A)--
(i) by striking “In 2003, 2004, and 2005” and inserting “After 2002”, and
(ii) by striking the last row (relating to the exemption amount in taxable years beginning after 2005) and inserting a period after “$61,000”, and
(B) in the table in subparagraph (B)--
(i) by striking “In 2003, 2004, and 2005” and inserting “After 2002”, and
(ii) by striking the last row (relating to the exemption amount in taxable years beginning after 2005) and inserting a period after “$41,750”.
(2) Inflation adjustments.--Subsection (d) of section 55 is amended by inserting at the end the following new paragraph:
“(4) Inflation Adjustment.--
“(A) In general.--In the case of a taxable year beginning after 2005, the $61,000 amount in paragraph (1)(A) and the $41,750 amount in paragraph (1)(B) shall each be increased by an amount equal to--
“(i) such dollar amount, multiplied by
“(ii) 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.
“(B) Rounding.--If any amount as adjusted under subparagraph (A) is not a multiple of $50, such amount shall be rounded to the next lowest multiple of $50.”.
(3) Effective date.--The amendments made by this subsection shall apply to taxable years beginning after December 31, 2002 and before January 1, 2010.
(b) Freeze of Top Income Rate.--
(1) In general.--The table in paragraph (2) of section 1(i) (relating to reductions in rates after June 30, 2001), as amended by section 102 of this Act, is amended by striking “35.0%” in the last column and inserting “38.6%”.
(2) Effective date.--The amendment made by this section shall apply to taxable years beginning after December 31, 2002.
(c) Repeal of Partial Exclusion of Dividends Received by Individuals.--The amendments made by section 201 of this Act are repealed.
(d) Application of EGTRRA.--The amendments made by subsections (a) and (b) shall be subject to title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 to the same extent and in the same manner as the provision of such Act to which such amendment relates.
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Senate amendment submitted
May 14, 2003