[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4096 Placed on Calendar Senate (PCS)]
Calendar No. 326
109th CONGRESS
1st Session
H. R. 4096
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
December 12, 2005
Received; read the first time
December 13, 2005
Read the second time and placed on the calendar
_______________________________________________________________________
AN ACT
To amend the Internal Revenue Code of 1986 to extend to 2006 the
alternative minimum tax relief available in 2005 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 as the ``Stealth Tax Relief Act of 2005''.
SEC. 2. EXTENSION OF ALTERNATIVE MINIMUM TAX RELIEF TO 2006.
(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
2005'' and inserting ``, 2005, and 2006''.
(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 2006, 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 `2004' 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, 2005.
Passed the House of Representatives December 7, 2005.
Attest:
KAREN L. HAAS,
Clerk.
Calendar No. 326
109th CONGRESS
1st Session
H. R. 4096
_______________________________________________________________________
AN ACT
To amend the Internal Revenue Code of 1986 to extend to 2006 the
alternative minimum tax relief available in 2005 and to index such
relief for inflation.
_______________________________________________________________________
December 13, 2005
Read the second time and placed on the calendar