H.R. 5031

Stealth Tax Relief Extension Act of 2008

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I

110th CONGRESS

2d Session

H. R. 5031

IN THE HOUSE OF REPRESENTATIVES

January 17, 2008

Mr. Reynolds (for himself, Mr. Herger, Mr. English of Pennsylvania, Mr. Weller of Illinois, Mr. Cantor, Mr. Tiberi, Mr. Walsh of New York, Mr. Fossella, Mr. Kuhl of New York, Mr. Bartlett of Maryland, Mr. Bilirakis, Mr. Wilson of South Carolina, Mr. Gerlach, Mrs. Biggert, Mr. Culberson, Mr. Miller of Florida, Mr. Campbell of California, Mrs. Bono, Mr. Terry, Mrs. Drake, Mr. Walberg, Mr. LoBiondo, Mr. Sessions, Mr. Neugebauer, Mrs. Musgrave, Mr. Westmoreland, Mr. Walden of Oregon, Mr. McCarthy of California, Mr. Kline of Minnesota, Mr. King of New York, Mr. McHugh, Mrs. Bachmann, Mr. Souder, Mr. Brady of Texas, and Mr. Hunter) 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 extend relief from the alternative minimum tax.

1.

Short title

This Act may be cited as the Stealth Tax Relief Extension Act of 2008.

2.

Extension of increased alternative minimum tax exemption amount

(a)

In general

Paragraph (1) of section 55(d) of the Internal Revenue Code of 1986 (relating to exemption amount) 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.

3.

EXTENSION OF ALTERNATIVE MINIMUM TAX RELIEF FOR NONREFUNDABLE PERSONAL CREDITS

(a)

In general

Paragraph (2) of section 26(a) of the Internal Revenue Code of 1986 (relating to special rule for taxable years 2000 through 2007) 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.