Stealth Tax Relief Extension Act of 2006

Stealth Tax Relief Extension Act of 2006 - Amends the Internal Revenue Code to: (1) increase the exemption from the alternative minimum tax for individual taxpayers in 2007; and (2) extend through 2007 the allowance of certain nonrefundable tax credits against alternative minimum tax liability.

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5590 Introduced in House (IH)]








109th CONGRESS
  2d Session
                                H. R. 5590

   To amend the Internal Revenue Code of 1986 to provide individuals 
                relief from the alternative minimum tax.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 13, 2006

 Mr. Reynolds (for himself, Mr. English of Pennsylvania, Mr. Hayworth, 
Mr. Weller, Mr. Lewis of Kentucky, Mr. Foley, Mr. Linder, Mr. Sweeney, 
   Mr. McCotter, Mr. Wilson of South Carolina, Mrs. Jo Ann Davis of 
    Virginia, Mr. Schwarz of Michigan, Ms. Harris, Mr. Tiberi, Mr. 
   Ferguson, Mr. McHugh, Mrs. Drake, Mr. Garrett of New Jersey, Mr. 
 Gillmor, Ms. Ginny Brown-Waite of Florida, Mr. Conaway, Mr. Kingston, 
Mrs. Myrick, Mrs. Bono, Mr. Sessions, Mr. Westmoreland, Ms. Jackson-Lee 
 of Texas, Mr. Kuhl of New York, Mr. Simmons, Mr. Smith of Texas, Mr. 
 Wicker, Mrs. Kelly, Mr. Kline, Mr. Kennedy of Minnesota, Mr. Murphy, 
and Mrs. Biggert) 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 provide individuals 
                relief from 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 ``Stealth Tax Relief Extension Act of 
2006''.

SEC. 2. INCREASE IN ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNT FOR 2007.

    (a) In General.--Section 55(d)(1) of the Internal Revenue Code of 
1986 (relating to exemption amount for taxpayers other than 
corporations) is amended--
            (1) by striking ``$62,550 in the case of taxable years 
        beginning in 2006'' in subparagraph (A) and inserting ``$66,100 
        in the case of taxable years beginning in 2007'', and
            (2) by striking ``$42,500 in the case of taxable years 
        beginning in 2006'' in subparagraph (B) and inserting ``$44,900 
        in the case of taxable years beginning in 2007''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2006.

SEC. 3. ALLOWANCE OF NONREFUNDABLE PERSONAL CREDITS AGAINST REGULAR AND 
              ALTERNATIVE MINIMUM TAX LIABILITY.

    (a) In General.--Paragraph (2) of section 26(a) of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking ``2006'' in the heading thereof and 
        inserting ``2007'', and
            (2) by striking ``or 2006'' and inserting ``2006, or 
        2007''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2006.
                                 <all>