S. 2293Senate110th Congress (2007-2009)Introduced

Individual Alternative Minimum Tax Repeal Act of 2007

Sponsored by Trent LottSen. Trent Lott (R-MS)
Introduced November 1, 2007

Legislative Activity

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2 earlier actions
SenateCalendars Latest Action

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 464.

November 2, 2007

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SenateIntro Referral

Introduced in Senate

November 1, 2007

SenateCalendars

Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time. (text of measure as introduced: CR S13694)

November 1, 2007

SenateCalendars

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 464.

November 2, 2007

Floor Debate

12 members

What members said about S. 2293 on the floor

4 Republicans8 Democrats
Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Nov 1, 2007

Mr. President, today I am introducing a bill to increase the number of full-time personnel of the Consumer Product U.S. Safety Commission assigned to duty stations at U.S. ports of entry or to…

John F. Kerry
Sen. John F. KerryD-MA · Nov 1, 2007

Mr. President, I am pleased today to be introducing legislation, the Small Business Contracting Revitalization Act of 2007, designed to protect the interests of small businesses in the Federal…

Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Nov 1, 2007

Mr. President, today I am very pleased to be joined by Senators Cantwell and Feinstein in introducing legislation to eliminate from the Federal tax code the ``Percentage Depletion Allowance'' for…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · Nov 1, 2007

Mr. President, I rise today to introduce the Plain Language in Government Communications Act of 2007. I am pleased that Senators Claire McCaskill, Tom Carper, and Carl Levin have joined me as…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Nov 1, 2007

Mr. President. I rise to introduce the National Bombing Prevention Act of 2007, an important measure to strengthen our domestic defenses against terrorist attacks using explosives. Terror bombings…

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Carl Levin
Sen. Carl LevinD-MI · Nov 1, 2007

Mr. President, today, I am introducing the Thunder Bay National Marine Sanctuary and Underwater Preserve Boundary Modification Act to expand the boundaries of the existing sanctuary. Created as a…

Joseph I. Lieberman
Sen. Joseph I. LiebermanD-CT · Nov 1, 2007

Mr. President, I rise today to join my Ranking Member on the Homeland Security and Governmental Affairs Committee, Senator Collins, in introducing bipartisan legislation to strengthen our Nation's…

Bill Nelson
Sen. Bill NelsonD-FL · Nov 1, 2007

Mr. President, today, joined by Senator Whitehouse, I am introducing the Voter Confidence and Increased Accessibility Act of 2007. As we enter the month of November, next year's national election is…

Barbara Boxer
Sen. Barbara BoxerD-CA · Nov 1, 2007

Mr. President, today I am joined by my colleague, Senator Feinstein in introducing legislation to designate the facility of the U.S. Postal Service located at 16731 Santa Ana Avenue in Fontana,…

Harry Reid
Sen. Harry ReidD-NV · Nov 1, 2007

Mr. President, it is my understanding there are two bills at the desk, and I ask unanimous consent for their first reading en bloc. Mr. President, I now ask for a second reading and, in order to…

Harry Reid
Sen. Harry ReidD-NV · Nov 2, 2007

Mr. President, it is my understanding there are two bills at the desk due for a second reading. Mr. President, I object to any further proceedings with respect to these bills.

Norm Coleman
Sen. Norm ColemanR-MN · Nov 1, 2007

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Trent Lott
Sen. Trent LottR-MS · Nov 1, 2007

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

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Trent Lott
Sen. Trent LottR-MS · Nov 1, 2007

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Bill Text

Latest available legislative text

Reading Mode
Latest
Placed on Calendar SenateIssued November 2, 2007

II

Calendar No. 464

110th CONGRESS

1st Session

S. 2293

IN THE SENATE OF THE UNITED STATES

November 1, 2007

Mr. Lott (for himself, Mr. Grassley, Mr. Kyl, Mr. Smith, Mr. Bunning, Mr. Crapo, Mr. Roberts, Mr. Hatch, Ms. Snowe, and Mr. Ensign) introduced the following bill; which was read the first time

November 2, 2007

Read the second time and placed on the calendar

A BILL

To amend the Internal Revenue Code of 1986 to repeal the individual alternative minimum tax, and for other purposes.

1.

Short title

This Act may be cited as the Individual Alternative Minimum Tax Repeal Act of 2007.

2.

Repeal of individual alternative minimum tax

(a)

In general

Section 55(a) of the Internal Revenue Code of 1986 (relating to alternative minimum tax imposed) is amended by adding at the end the following new flush sentence:

For purposes of this title, the tentative minimum tax on any taxpayer other than a corporation for any taxable year beginning after December 31, 2006, shall be zero.

.

(b)

Modification of limitation on use of credit for prior year minimum tax liability

Subsection (c) of section 53 of the Internal Revenue Code of 1986 (relating to credit for prior year minimum tax liability) is amended to read as follows:

(c)

Limitation

(1)

In general

Except as provided in paragraph (2), the credit allowable under subsection (a) for any taxable year shall not exceed the excess (if any) of—

(A)

the regular tax liability of the taxpayer for such taxable year reduced by the sum of the credits allowable under subparts A, B, D, E, and F of this part, over

(B)

the tentative minimum tax for the taxable year.

(2)

Taxable years beginning after 2006

In the case of any taxable year beginning after 2006, the credit allowable under subsection (a) to a taxpayer other than a corporation for any taxable year shall not exceed 90 percent of the regular tax liability of the taxpayer for such taxable year reduced by the sum of the credits allowable under subparts A, B, D, E, and F of this part.

.

(c)

Effective date

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

3.

One-time estimated tax safe harbor for alternative minimum tax liability

For purposes of any taxable year beginning in 2006, in the case of any individual with respect to whom there was no liability for the tax imposed under section 55 of the Internal Revenue Code of 1986 for the preceding taxable year—

(1)

the tax shown on the return under section 6654(d)(1)(B)(i) of such Code shall be reduced (but not below zero) by the amount of tax imposed by such section 55 shown on the return,

(2)

the tax for the taxable year under section 6654(d)(2)(B)(i) of such Code (before multiplication by the applicable percentage) shall be reduced (but not below zero) by the tax imposed by such section 55, and

(3)

the amount of tax for the taxable year for purposes of section 6654(e)(1) of such Code shall be reduced (but not below zero) by the amount of tax imposed by such section 55.

November 2, 2007

Read the second time and placed on the calendar