Alternative Minimum Tax Repeal Act of 2004

Alternative Minimum Tax Repeal Act of 2004 - Amends the Internal Revenue Code to increase the alternative minimum tax exemption amount for individual taxpayers in taxable years 2006 through 2013. Repeals the alternative minimum tax on individual taxpayers for taxable years beginning after 2013.

[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4131 Introduced in House (IH)]






108th CONGRESS
  2d Session
                                H. R. 4131

To amend the Internal Revenue Code of 1986 to limit the increase in the 
 number of individuals affected by the alternative minimum tax and to 
      repeal the alternative minimum tax for individuals in 2014.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 2, 2004

 Mr. Houghton 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 limit the increase in the 
 number of individuals affected by the alternative minimum tax and to 
      repeal the alternative minimum tax for individuals in 2014.

    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 ``Alternative Minimum Tax Repeal Act of 
2004''.

SEC. 2. LIMITATION ON INCREASE IN NUMBER OF INDIVIDUALS AFFECTED BY THE 
              ALTERNATIVE MINIMUM TAX; REPEAL OF ALTERNATIVE MINIMUM 
              TAX FOR INDIVIDUALS IN 2014.

    (a) Limitation on Increase in Number of Individuals Affected by the 
Alternative Minimum Tax.--Section 55(d) of the Internal Revenue Code of 
1986 (relating to exemption amount for taxpayers other than 
corporations) is amended--
            (1) in paragraph (1)(A), by striking ``$45,000 ($58,000 in 
        the case of taxable years beginning in 2003 and 2004)'' and 
        inserting ``the applicable joint return amount'',
            (2) in paragraph (1)(B), by striking ``$33,750 ($40,250 in 
        the case of taxable years beginning in 2003 and 2004)'' and 
        inserting ``the applicable non-joint return amount'', and
            (3) by inserting after paragraph (3) the following new 
        paragraph:
            ``(4) Applicable joint and non-joint return amounts.--For 
        purposes of paragraph (1), the applicable joint return amount 
        and the applicable non-joint return amount shall be determined 
        in accordance with the following table:


 
 
                                                                  The
                                                              applicable
 ``For taxable years beginning   The applicable joint return   non-joint
       in calendar year:                 amount is:             return
                                                              amount is:
 
2006..........................  $59,700                       $41,400
2007..........................  $60,000                       $41,600
2008, 2009, or 2010...........  $61,500                       $42,650
2011 or 2012..................  $49,900                       $34,600
2013..........................  $49,950                       $34,650''.

    (b) Repeal of Alternative Minimum Tax for Individuals in 2014.--
Subsection (a) of section 55 of such Code is amended by adding at the 
end the following new flush sentence:
``Notwithstanding subsection (b), in the case of a taxpayer other than 
a corporation, the tentative minimum tax for any taxable year beginning 
after December 31, 2013, shall be zero.''.
    (c) Exception to EGTRRA Sunset.--Subsection (a) of section 901 of 
the Economic Growth and Tax Relief Reconciliation Act of 2001 shall not 
apply to the amendments made by title VII of such Act (relating to 
alternative minimum tax).
    (d) Effective Dates.--
            (1) Subsection (a).--The amendments made by subsection (a) 
        shall apply to taxable years beginning after December 31, 2005.
            (2) Subsection (b).--The amendment made by subsection (b) 
        shall apply to taxable years beginning after December 31, 2013.
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