II
Calendar No. 1128
110th CONGRESS
2d Session
H. R. 7005
IN THE SENATE OF THE UNITED STATES
September 24 (legislative day, September 17), 2008
Received
December 8 (legislative day, November 20), 2008
Read the first time
December 9, 2008
Read the second time and placed on the calendar
AN ACT
To amend the Internal Revenue Code of 1986 to provide alternative minimum tax relief for individuals for 2008.
Short title, etc
In general
This Act may be cited
as the Alternative Minimum Tax Relief
Act of 2008
.
Reference
Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986.
Extension of alternative minimum tax relief for nonrefundable personal credits
In general
Paragraph (2) of section 26(a) is amended—
by striking or 2007
and
inserting 2007, or 2008
, and
by striking 2007
in the heading
thereof and inserting 2008
.
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2007.
Extension of increased alternative minimum tax exemption amount
In general
Paragraph (1) of section 55(d) is amended—
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
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)
.
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2007.
Increase of AMT refundable credit amount for individuals with long-term unused credits for prior year minimum tax liability, etc
In general
Paragraph (2) of section 53(e) is amended to read as follows:
AMT refundable credit amount
For purposes of paragraph (1), the term AMT
refundable credit amount
means, with respect to any taxable year, the
amount (not in excess of the long-term unused minimum tax credit for such
taxable year) equal to the greater of—
50 percent of the long-term unused minimum tax credit for such taxable year, or
the amount (if any) of the AMT refundable credit amount for the taxpayer’s preceding taxable year (determined without regard to subsection (f)(2)).
.
Treatment of certain underpayments, interest, and penalties attributable to the treatment of incentive stock options
Section 53 is amended by adding at the end the following new subsection:
Treatment of certain underpayments, interest, and penalties attributable to the treatment of incentive stock options
Abatement
Any underpayment of tax outstanding on the date of the enactment of this subsection which is attributable to the application of section 56(b)(3) for any taxable year ending before January 1, 2008 (and any interest or penalty with respect to such underpayment which is outstanding on such date of enactment), is hereby abated. The amount determined under subsection (b)(1) shall not include any tax abated under the preceding sentence.
Increase in credit for certain interest and penalties already paid
The AMT refundable credit amount, and the minimum tax credit determined under subsection (b), for the taxpayer’s first 2 taxable years beginning after December 31, 2007, shall each be increased by 50 percent of the aggregate amount of the interest and penalties which were paid by the taxpayer before the date of the enactment of this subsection and which would (but for such payment) have been abated under paragraph (1).
.
Effective date
In general
Except as provided in paragraph (2), the amendment made by this section shall apply to taxable years beginning after December 31, 2007.
Abatement
Section 53(f)(1) of the Internal Revenue Code of 1986, as added by subsection (b), shall take effect on the date of the enactment of this Act.
Passed the House of Representatives September 24, 2008.
Lorraine C. Miller,
Clerk
December 9, 2008
Read the second time and placed on the calendar