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.
Short title
This Act may be cited as the
AMT Rate Reduction Act of
2007
.
Reduction in rate of tentative minimum tax for noncorporate taxpayers
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:
In general
In the case of a taxpayer other than a corporation, the tentative minimum tax for the taxable year is—
24 percent of the taxable excess, reduced by
the alternative minimum tax foreign tax credit for the taxable year.
.
Conforming amendment
Subparagraph (A) of section 55(b)(1) of such Code is amended by striking clause (iii).
Effective date
The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.