S. 734Senate110th Congress (2007-2009)In Committee

AMT Rate Reduction Act of 2007

Introduced March 1, 2007

Legislative Activity

Stay on top of the latest movement without scrolling through every action

2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2501)

March 1, 2007

View full timeline
SenateIntro Referral

Introduced in Senate

March 1, 2007

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S2500-2501)

March 1, 2007

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2501)

March 1, 2007

Floor Debate

20 members

What members said about S. 734 on the floor

6 Republicans14 Democrats
Jim DeMint
Sen. Jim DeMintR-SC · Mar 1, 2007

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, what is the pending business before the Senate? Mr. President, I ask unanimous consent that the…

Christopher J. Dodd
Sen. Christopher J. DoddD-CT · Mar 1, 2007

Mr. President, as we move forward in the coming months in the Senate Committee on Rules and Administration on critical election reform hearings, I wanted to take this opportunity to re-introduce my…

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

Mr. President, from Pickerel Pond to Lake Auburn, from Sebago Lake to Bryant Pond, lakes and ponds in Maine are under attack. Aquatic invasive species threaten Maine's drinking water systems,…

Mary L. Landrieu
Sen. Mary L. LandrieuD-LA · Mar 1, 2007

Mr. President, as I come to the floor today to speak, there are countless small businesses in the Gulf Coast, right this moment, that are open for business. The fact that they are open at all is a…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Mar 1, 2007

Mr. President, today I am reintroducing legislation entitled the Children's Dental Health Improvement Act of 2007, along with several of my colleagues. This legislation is designed to improve the…

Show 8 more
Carl Levin
Sen. Carl LevinD-MI · Mar 1, 2007

Mr. President, every day across our Nation, families, friends, and entire communities mourn the loss of fallen soldiers, sailors, airmen and marines. Michigan has lost 130 heroes in the wars in Iraq…

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

Madam President, I thank the chairman of the committee for yielding time to me. You can read the entire 567 pages of the ``9/11 Commission Report'' as I have and you will not find a recommendation to…

Byron L. Dorgan
Sen. Byron L. DorganD-ND · Mar 1, 2007

Mr. President, I thank my colleague from Maine. I have an amendment at the desk on behalf of myself and Senator Conrad. I ask unanimous consent that the pending amendment be set aside. I call up my…

Edward M. Kennedy
Sen. Edward M. KennedyD-MA · Mar 1, 2007

Mr. President, in the wake of the tragic events of September 11, Congress, the Administration and the country faced the urgent need to do all we can to strengthen our national security and…

Charles E. Schumer
Sen. Charles E. SchumerD-NY · Mar 1, 2007

Madam President, I know the time is divided equally. How much time does each side have? Madam President, I have a great deal of respect for my colleague, and I know he cares a great deal about…

Chuck Grassley
Sen. Chuck GrassleyR-IA · Aug 2, 2007

I ask unanimous consent that the order for the quorum call be rescinded. Madam President, I would like to take a few minutes today to discuss an important issue that affects all Americans who take…

Claire McCaskill
Sen. Claire McCaskillD-MO · Mar 1, 2007

Mr. President, I send an amendment to the desk. Mr. President, I ask unanimous consent that reading of the amendment be dispensed with. Mr. President, I have listened to the arguments of my colleague…

Edward M. Kennedy
Sen. Edward M. KennedyD-MA · Mar 1, 2007

Mr. President, I strongly support the Improving America's Security Act. The 9/11 Commission released its report in July 2004. But more than 2 years have now passed, and many of its recommendations…

Show 11 more
Ken Salazar
Sen. Ken SalazarD-CO · Mar 1, 2007

Mr. President, I rise today to speak about legislation I introduced today. The Rocky Flats Special Exposure Cohort Act will at long last repay our debt to the patriotic American workers of Rocky…

Dan Burton
Rep. Dan BurtonR-IN-5 · Sep 17, 2007

Mr. Speaker, nobody wants tax increases, and a tax increase right now would be detrimental to the economy of the United States. In fact, the Treasury Secretary thinks it would be disastrous. It would…

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

Mr. President, today, along with my colleague Senator Collins from Maine, I am introducing legislation to help businesses form group-purchasing cooperatives to obtain enhanced benefits, to reduce…

Arlen Specter
Sen. Arlen SpecterR-PA · Mar 1, 2007

Mr. President, I have sought recognition to introduce legislation to provide relief to the rising number of taxpayers impacted by the Alternative Minimum Tax (AMT). Between a lack of indexing for…

Arlen Specter
Sen. Arlen SpecterR-PA · Mar 1, 2007

Mr. President, I have sought recognition to introduce legislation to provide relief to the rising number of taxpayers impacted by the Alternative Minimum Tax (AMT). Between a lack of indexing for…

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

Madam President, at 4:45, there will be a vote on or in relation to the amendment offered by Senator Schumer and Senator Menendez. I wish to explain very briefly--and Senator Collins will speak…

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

Mr. President, I ask unanimous consent to speak for 10 minutes as in morning business on the REAL ID Act, and I thank the chairman for his agreement. Mr. President, today the Department of Homeland…

Benjamin L. Cardin
Sen. Benjamin L. CardinD-MD · Aug 2, 2007

Mr. President, I ask unanimous consent to be recognized for 7 minutes, and if the Chair would notify me when I have used 6 minutes. Mr. President, I take this opportunity to speak in favor of the…

Thad Cochran
Sen. Thad CochranR-MS · Mar 1, 2007

Mr. President, today, I am introducing the Teaching Geography is Fundamental Act. I am pleased to be joined by my friend from Connecticut Mr. Dodd. The purpose of this bill is to improve geographic…

Claire McCaskill
Sen. Claire McCaskillD-MO · Aug 2, 2007

Mr. President, I rise today to say I am proud, very proud. I came to Washington hoping that we could make a difference in terms of the way business is done here. And I will be honest, I had some…

Robert Menendez
Sen. Robert MenendezD-NJ · Mar 1, 2007

I appreciate the leadership and advocacy of my colleague from New York to work with us on this issue. Look, the question is, On what side do we err? It seems to me we should err on the side of having…

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued March 1, 2007

II

110th CONGRESS

1st Session

S. 734

IN THE SENATE OF THE UNITED STATES

March 1, 2007

Mr. Specter 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 reduce the rate of the tentative minimum tax for noncorporate taxpayers to 24 percent.

1.

Short title

This Act may be cited as the AMT Rate Reduction Act of 2007.

2.

Reduction in rate of tentative minimum tax for noncorporate taxpayers

(a)

In general

Clause (i) of section 55(b)(1)(A) of the Internal Revenue Code of 1986 (relating to noncorporate taxpayers) is amended to read as follows:

(i)

In general

In the case of a taxpayer other than a corporation, the tentative minimum tax for the taxable year is—

(I)

24 percent of the taxable excess, reduced by

(II)

the alternative minimum tax foreign tax credit for the taxable year.

.

(b)

Conforming amendment

Subparagraph (A) of section 55(b)(1) of such Code is amended by striking clause (iii).

(c)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.