I
111th CONGRESS
2d Session
H. R. 5077
IN THE HOUSE OF REPRESENTATIVES
April 20, 2010
Mr. Hall of New York (for himself, Mr. Holt, Mr. Peters, and Mrs. Maloney) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to increase the alternative minimum tax exemption amount and index such amount for inflation.
Permanent increased alternative minimum tax exemption amount indexed for inflation
Increase
Paragraph (1) of section 55(d) of the Internal Revenue Code of 1986 is amended—
by striking
$45,000 ($70,950 in the case of taxable years beginning in 2009)
in subparagraph (A) and inserting $100,000
, and
by striking
$33,750 ($46,700 in the case of taxable years beginning in 2006)
in subparagraph (B) and inserting $75,000
.
Inflation adjustment
Subsection (d) of section 55 of such Code is amended by adding at the end the following new paragraph:
Inflation adjustment
In the case of any taxable year beginning after 2010, the dollar amounts in subparagraphs (A) and (B) of paragraph (1) shall each be increased by an amount equal to—
such dollar amount, multiplied by
the cost-of-living
adjustment determined under section 1(f)(3) for the calendar year in which the
taxable year begins, determined by substituting calendar year
2009
for calendar year 1992
in subparagraph (B)
thereof.
.
Effective Date
The amendments made by this section shall apply to taxable years beginning after December 31, 2009.