H.R. 1112

Stealth Tax Relief Extension Act of 2007

Latest
Raw Text PDF XML

I

110th CONGRESS

1st Session

H. R. 1112

IN THE HOUSE OF REPRESENTATIVES

February 16, 2007

Mr. Reynolds (for himself, Mr. Herger, Mr. Sam Johnson of Texas, Mr. English of Pennsylvania, Mr. Weller of Illinois, Mr. Cantor, Mr. Linder, Mr. Tiberi, Mr. King of New York, Mr. Walsh of New York, Mr. McHugh, Mr. Fossella, Mr. Kuhl of New York, Mrs. Myrick, Mr. Royce, Mr. Hunter, Mr. Westmoreland, Mr. LoBiondo, Mr. Culberson, Mrs. Blackburn, Mr. Terry, Mr. Lincoln Diaz-Balart of Florida, Mr. Walden of Oregon, Mrs. Capito, Mrs. Drake, Mrs. Bono, Mr. Sessions, Mr. Gohmert, Mr. Frelinghuysen, Mr. Neugebauer, Mr. Garrett of New Jersey, Mr. Walberg, Mrs. Biggert, Mr. Wilson of South Carolina, and Mr. Bilirakis) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to provide individuals relief from the alternative minimum tax.

1.

Short title

This Act may be cited as the Stealth Tax Relief Extension Act of 2007.

2.

Increase in alternative minimum tax exemption amount for 2007

(a)

In general

Section 55(d)(1) of the Internal Revenue Code of 1986 (relating to exemption amount for taxpayers other than corporations) is amended—

(1)

by striking $62,550 in the case of taxable years beginning in 2006 in subparagraph (A) and inserting $66,400 in the case of taxable years beginning in 2007, and

(2)

by striking $42,500 in the case of taxable years beginning in 2006 in subparagraph (B) and inserting $45,100 in the case of taxable years beginning in 2007.

(b)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2006.

3.

Allowance of nonrefundable personal credits against regular and alternative minimum tax liability

(a)

In general

Paragraph (2) of section 26(a) of the Internal Revenue Code of 1986 is amended—

(1)

by striking 2006 in the heading thereof and inserting 2007, and

(2)

by striking or 2006 and inserting 2006, or 2007.

(b)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2006.