Stealth Tax Relief Extension Act of 2008

Stealth Tax Relief Extension Act of 2008 - Amends the Internal Revenue Code to: (1) increase the exemption from the alternative minimum tax for individual taxpayers in 2008; and (2) extend through 2008 the allowance of certain nonrefundable tax credits against alternative minimum tax liability.

[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5031 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 5031

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 17, 2008

Mr. Reynolds (for himself, Mr. Herger, Mr. English of Pennsylvania, Mr. 
Weller of Illinois, Mr. Cantor, Mr. Tiberi, Mr. Walsh of New York, Mr. 
     Fossella, Mr. Kuhl of New York, Mr. Bartlett of Maryland, Mr. 
Bilirakis, Mr. Wilson of South Carolina, Mr. Gerlach, Mrs. Biggert, Mr. 
  Culberson, Mr. Miller of Florida, Mr. Campbell of California, Mrs. 
 Bono, Mr. Terry, Mrs. Drake, Mr. Walberg, Mr. LoBiondo, Mr. Sessions, 
Mr. Neugebauer, Mrs. Musgrave, Mr. Westmoreland, Mr. Walden of Oregon, 
  Mr. McCarthy of California, Mr. Kline of Minnesota, Mr. King of New 
 York, Mr. McHugh, Mrs. Bachmann, Mr. Souder, Mr. Brady of Texas, and 
 Mr. Hunter) 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 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 
2008''.

SEC. 2. EXTENSION OF INCREASED ALTERNATIVE MINIMUM TAX EXEMPTION 
              AMOUNT.

    (a) In General.--Paragraph (1) of section 55(d) of the Internal 
Revenue Code of 1986 (relating to exemption amount) is amended--
            (1) by striking ``($66,250 in the case of taxable years 
        beginning in 2007)'' in subparagraph (A) and inserting 
        ``($69,950 in the case of taxable years beginning in 2008)'', 
        and
            (2) by striking ``($44,350 in the case of taxable years 
        beginning in 2007)'' in subparagraph (B) and inserting 
        ``($46,200 in the case of taxable years beginning in 2008)''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2007.

SEC. 3. EXTENSION OF ALTERNATIVE MINIMUM TAX RELIEF FOR NONREFUNDABLE 
              PERSONAL CREDITS.

    (a) In General.--Paragraph (2) of section 26(a) of the Internal 
Revenue Code of 1986 (relating to special rule for taxable years 2000 
through 2007) is amended--
            (1) by striking ``or 2007'' and inserting ``2007, or 
        2008'', and
            (2) by striking ``2007'' in the heading thereof and 
        inserting ``2008''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2007.
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