II
110th CONGRESS
1st Session
S. 1855
IN THE SENATE OF THE UNITED STATES
July 23, 2007
Mr. Grassley (for himself, Mrs. Hutchison, Mr. Bingaman, Mr. Allard, and Mr. Brownback) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to provide relief to individuals from the penalty for failure to pay estimated taxes on amounts attributable to the alternative minimum tax in cases where the taxpayer was not subject to the alternative minimum tax in the preceding taxable year.
Short title
This Act may be cited as
the AMT Penalty Protection Act of
2007
.
Estimated tax safe harbor for alternative minimum tax liability
In general
Section 6654 of the Internal Revenue Code of 1986 (relating to failure by individual to pay estimated income tax) is amended by redesignating subsection (m) as subsection (n) and by inserting after subsection (l) the following new subsection:
Safe harbor for certain alternative minimum tax payers
In the case of any individual with respect to whom there was no liability for the tax imposed under section 55 for the preceding taxable year—
any required payment calculated under subsection (d)(1)(B)(i) shall be determined without regard to any tax imposed under section 55,
any annualized income installment calculated under subsection (d)(2)(B) shall be determined without regard to alternative minimum taxable income, and
the determination of the amount of the tax for the taxable year for purposes of subsection (e)(1) shall not include the amount of any tax imposed under section 55.
.
Effective date
The amendment made by this section shall apply to taxable years ending after the date of the enactment of this Act.