Bill Text
110th Congress (2007-2008)
H.R.1923.IH

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HR 1923 IH

To amend the Internal Revenue Code of 1986 to modify the exemption amount for the alternative minimum tax.

April 18, 2007

Mr. MCCARTHY of California introduced the following bill; which was referred to the Committee on Ways and Means

To amend the Internal Revenue Code of 1986 to modify the exemption amount for the alternative minimum tax.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `American Marriage Tax Relief Act of 2007'.

SEC. 2. MODIFICATION OF EXEMPTION AMOUNT FOR ALTERNATIVE MINIMUM TAX.

(a) Increase of Exemption Amount- Paragraph (1) of section 55(d) of the Internal Revenue Code of 1986 (relating to exemption amount for taxpayers other than corporations) is amended--

(1) in subparagraph (A) by striking `$45,000 ($62,550 in the case of taxable years beginning in 2006)' and inserting `$85,000',

(2) in subparagraph (B) by striking `$33,750 ($42,500 in the case of taxable years beginning in 2006)' and inserting `50 percent of the dollar amount applicable under subparagraph (A)', and

(3) in subparagraph (C) by striking `paragraph (1)(A)' and inserting `subparagraph (A)'.

(b) Increase of Alternative Minimum Taxable Income for Phase-Out of Exemption Amount- Paragraph (3) of section 55(d) of the Internal Revenue Code of 1986 (relating to phase-out of exemption amount) is amended--

(1) in subparagraph (A)--

(A) by striking `$150,000' and inserting `$225,000', and

(B) by striking `paragraph (1)(A) or (2)' and inserting `paragraph (1)(A)',

(2) in subparagraph (B)--

(A) by striking `$112,500' and inserting `50 percent of the dollar amount applicable under subparagraph (A)', and

(B) by striking `and' at the end,

(3) in subparagraph (C)--

(A) by striking `$75,000' and inserting `50 percent of the dollar amount applicable under subparagraph (A)', and

(B) by striking `subparagraph (C) or (D) of paragraph (1).' and inserting `paragraph (1)(C),'

(4) by inserting after subparagraph (C) the following new subparagraphs:

`(D) $75,000 in the case of a taxpayer described in paragraph (1)(D), and

`(E) $150,000 in the case of a taxpayer described in paragraph (2).'.

(c) Inflation Adjustment- Subsection (d) of section 55 of the Internal Revenue Code of 1986 (relating to exemption amount) is amended by adding at the end the following new paragraph:

`(4) INFLATION ADJUSTMENT- In the case of any taxable year beginning in a calendar year after 2006, the dollar amounts contained in paragraph (1)(A) and paragraph (3)(A) shall be increased by an amount equal to--

`(A) such dollar amount, multiplied by

`(B) 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 2005' for `calendar year 1992' in subparagraph (B) thereof.

Any increase determined under the preceding sentence shall be rounded to the nearest multiple of $100.'.

(d) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2006.

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