S. 2318Senate110th Congress (2007-2009)Introduced

AMT Repeal and Tax Freedom Act

A bill to amend the Internal Revenue Code of 1986 to repeal the individual alternative minimum tax and to permanently extend the reductions in income tax rates, and for other purposes.

Introduced November 7, 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. 476.

November 8, 2007

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SenateIntro Referral

Introduced in Senate

November 7, 2007

SenateCalendars

Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

November 7, 2007

SenateCalendars

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 476.

November 8, 2007

Floor Debate

13 members

What members said about S. 2318 on the floor

8 Republicans5 Democrats
John Cornyn
Sen. John CornynR-TX · Dec 12, 2007

If the Senator will yield for a quick question? I wanted to ask the distinguished Senator, earlier before he was able to come to the floor, there was a unanimous consent request offered with regard…

Larry E. Craig
Sen. Larry E. CraigR-ID · Dec 12, 2007

Mr. President, I thank the Senator from Georgia and the Senator from Texas for their leadership. With that leadership comes a very clear voice about the problems this current Congress is facing. They…

Tom Coburn
Sen. Tom CoburnR-OK · Dec 12, 2007

Mr. President, this morning we have heard about a lot of good causes and a lot of good bills. But what we have been asked to do is to pass bills without any debate, without the opportunity to amend,…

Johnny Isakson
Sen. Johnny IsaksonR-GA · Dec 12, 2007

Mr. President, I wish to follow up on the exchange between the Senator from New Hampshire and the Senator from Texas in a different context. I am sure the theatrics of this morning are entertaining…

Jeff Sessions
Sen. Jeff SessionsR-AL · Dec 12, 2007

Mr. President, we should be frank as to where we are today. The situation is not good. Yes, we do have too much partisanship in this body, and we need to move beyond it. But I wish to ask a couple of…

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John Barrasso
Sen. John BarrassoR-WY · Dec 12, 2007

Mr. President, I will ask for unanimous consent today to call up legislation that I introduced last month and seek debate and a vote on that bill today. Before I make that request, I wish to make a…

Jon Kyl
Sen. Jon KylR-AZ · Dec 12, 2007

Mr. President, it is obvious by now we are not going to be able to conclude some of our business through the process of getting concurrence from the other side. There are two emergency matters that…

Judd Gregg
Sen. Judd GreggR-NH · Dec 12, 2007

Would the Senator yield for a question? I was wondering, is it not true that in this Congress, none of the appropriations bills, which is the business of actually operating the…

Debbie Stabenow
Sen. Debbie StabenowD-MI · Dec 12, 2007

Mr. President, reserving the right to object, I would simply indicate that the wounded warriors legislation has already passed the Senate once. I am wondering, since it is included in the Department…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Nov 7, 2007

I understand there is a bill at the desk, and I ask for its first reading. Madam President, I now ask for a second reading, and in order to place the bill on the calendar under the provisions of rule…

Harry Reid
Sen. Harry ReidD-NV · Nov 8, 2007

Mr. President, S. 2318 is at the desk. I ask for its second reading. Mr. President, I object to any further proceedings at this time.

Patty Murray
Sen. Patty MurrayD-WA · Dec 12, 2007

Mr. President, on behalf of majority leader, I object. On behalf of the majority leader, I object.

Tom Harkin
Sen. Tom HarkinD-IA · Dec 12, 2007

Mr. President, on behalf of the majority leader, I object.

Bill Text

Latest available legislative text

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Latest
Placed on Calendar SenateIssued November 8, 2007

II

Calendar No. 476

110th CONGRESS

1st Session

S. 2318

IN THE SENATE OF THE UNITED STATES

November 7, 2007

Mr. Ensign (for himself, Mr. Crapo, Mr. Roberts, Mr. Bunning, and Mr. Smith) introduced the following bill; which was read the first time

November 8, 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 to permanently extend the reductions in income tax rates, and for other purposes.

1.

Short title

This Act may be cited as the AMT Repeal and Tax Freedom Act.

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.

4.

Reductions in individual income tax rates made permanent

Section 901 of the Economic Growth and Tax Relief and Reconciliation Act of 2001 (relating to sunset provisions) shall not apply to section 101 of such Act (relating to reduction in income tax rates for individuals).

5.

Permanent reductions in individual capital gains and dividends tax rates

Section 303 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (relating to sunset of title) is repealed.

November 8, 2007

Read the second time and placed on the calendar