[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4227 Placed on Calendar Senate (PCS)]
Calendar No. 501
108th CONGRESS
2d Session
H. R. 4227
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 6, 2004
Received; read the first time
May 7, 2004
Read the second time and placed on the calendar
_______________________________________________________________________
AN ACT
To amend the Internal Revenue Code of 1986 to extend to 2005 the
alternative minimum tax relief available in 2003 and 2004 and to index
such relief for inflation.
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 at the ``Middle-Class Alternative Minimum Tax
Relief Act of 2004''.
SEC. 2. EXTENSION OF ALTERNATIVE MINIMUM TAX RELIEF TO 2005.
(a) In General.--Subparagraphs (A) and (B) of section 55(d)(1) of
the Internal Revenue Code of 1986 are each amended by striking ``and
2004'' and inserting ``, 2004, and 2005''.
(b) Inflation Adjustment.--Subsection (d) of section 55 of such
Code is amended by inserting after paragraph (3) the following new
paragraph:
``(4) Inflation adjustment.--
``(A) In general.--In the case of any taxable year
beginning in calendar year 2005, the $58,000 amount
contained in paragraph (1)(A) and the $40,250 amount
contained 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 `2003' for `1992' in
subparagraph (B) thereof.
``(B) Rounding.--Any increase determined under
subparagraph (A) which is not a multiple of $50 shall
be rounded to the next lowest multiple of $50.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2004.
Passed the House of Representatives May 5, 2004.
Attest:
JEFF TRANDAHL,
Clerk.
Calendar No. 501
108th CONGRESS
2d Session
H. R. 4227
_______________________________________________________________________
AN ACT
To amend the Internal Revenue Code of 1986 to extend to 2005 the
alternative minimum tax relief available in 2003 and 2004 and to index
such relief for inflation.
_______________________________________________________________________
May 7, 2004
Read the second time and placed on the calendar