To amend the Internal Revenue Code of 1986 to extend for two years the higher exemption amounts under the alternative minimum tax for individuals and to adjust the exemption amounts and phaseout thresholds in the alternative minimum tax for inflation.

Amends the Internal Revenue Code to: (1) extend the increased exemption from the alternative minimum tax for individual taxpayers for two additional years; and (2) adjust for inflation such increased exemption amounts, the exemption amount for corporations, and the phaseout thresholds applicable to individual taxpayers with certain levels of alternative minimum taxable income.

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1599 Introduced in House (IH)]






109th CONGRESS
  1st Session
                                H. R. 1599

To amend the Internal Revenue Code of 1986 to extend for two years the 
    higher exemption amounts under the alternative minimum tax for 
individuals and to adjust the exemption amounts and phaseout thresholds 
             in the alternative minimum tax for inflation.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 13, 2005

 Mr. Bradley of New Hampshire 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 extend for two years the 
    higher exemption amounts under the alternative minimum tax for 
individuals and to adjust the exemption amounts and phaseout thresholds 
             in the alternative minimum tax for inflation.

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

SECTION 1. 2-YEAR EXTENSION OF HIGHER EXEMPTION AMOUNTS UNDER THE 
              INDIVIDUAL AMT; ADJUSTMENT OF AMT FOR INFLATION.

    (a) Extension.--Subparagraphs (A) and (B) of section 55(d)(1) of 
the Internal Revenue Code of 1986 (relating to exemption amount for 
taxpayers other than corporations) are each amended by striking ``and 
2005'' and inserting ``, 2005, 2006, and 2007''.
    (b) Inflation Adjustment.--Subsection (d) of section 55 of such 
Code (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 2005, each of the 
        dollar amounts set forth in paragraphs (1), (2), and (3) 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 such calendar year by 
                substituting `calendar year 2004' for `calendar year 
                1992' in subparagraph (B) thereof.
If any amount as adjusted under the preceding sentence is not a 
multiple of $100, such amount shall be rounded to the nearest multiple 
of $100.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2005.
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