Tax Relief Certainty Act - Eliminates the terminating date of the Economic Growth and Tax Relief Reconciliation Act of 2001, thus making the provisions of such Act permanent. Terminates after December 31, 2011, provisions of the Patient Protection and Affordable Care Act increasing tax benefits for adoption.
Eliminates the terminating date of the Jobs and Growth Tax Relief Reconciliation Act of 2003 applicable to provisions reducing tax rates on dividends and capital gains.
Amends the Internal Revenue Code to: (1) phase-in between 2010 through 2020 increases in the exemption amount for the alternative minimum tax (AMT); and (2) make permanent offsets against the AMT for certain nonrefundable tax credits.
[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6415 Introduced in House (IH)]
111th CONGRESS
2d Session
H. R. 6415
To permanently extend the 2001 and 2003 tax relief provisions, and to
permanently repeal the estate tax, and to provide permanent AMT relief,
and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
November 17, 2010
Mr. Pence introduced the following bill; which was referred to the
Committee on Ways and Means
_______________________________________________________________________
A BILL
To permanently extend the 2001 and 2003 tax relief provisions, and to
permanently repeal the estate tax, and to provide permanent AMT relief,
and for other purposes.
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 ``Tax Relief Certainty Act''.
TITLE I--PERMANENT TAX RELIEF
SEC. 101. REPEAL OF EGTRRA SUNSET.
(a) In General.--Section 901 of the Economic Growth and Tax Relief
Reconciliation Act of 2001 is repealed.
(b) Sunset Maintained for Expansion of Adoption Benefits Under the
Patient Protection and Affordable Care Act.--Subsection (c) of section
10909 of the Patient Protection and Affordable Care Act is amended to
read as follows:
``(c) Sunset Provision.--All provisions of, and amendments made by,
this section shall not apply to taxable years beginning after December
31, 2011, and the Internal Revenue Code of 1986 shall be applied and
administered to such years as if such provisions and amendments had
never been enacted.''.
SEC. 102. REPEAL OF JGTRRA SUNSET.
Section 303 of the Jobs and Growth Tax Relief Reconciliation Act of
2003 is repealed.
SEC. 103. TECHNICAL AND CONFORMING AMENDMENTS.
The Secretary of the Treasury or the Secretary's delegate shall not
later than 90 days after the date of the enactment of this Act, submit
to the Committee on Ways and Means of the House of Representatives and
the Committee on Finance of the Senate a draft of any technical and
conforming changes in the Internal Revenue Code of 1986 which are
necessary to reflect throughout such Code the purposes of the
provisions of, and amendments made by, this Act.
TITLE II--PERMANENT INDIVIDUAL AMT RELIEF
SEC. 201. PERMANENT INDIVIDUAL AMT RELIEF.
(a) Modification of Alternative Minimum Tax Exemption Amount.--
(1) In general.--Paragraph (1) of section 55(d) of the
Internal Revenue Code of 1986 (relating to exemption amount) is
amended to read as follows:
``(1) Exemption amount for taxpayers other than
corporations.--In the case of a taxpayer other than a
corporation, the term `exemption amount' means--
``(A) the dollar amount for taxable years beginning
in the calendar year as specified in the table
contained in paragraph (4)(A) in the case of--
``(i) a joint return, or
``(ii) a surviving spouse,
``(B) the dollar amount for taxable years beginning
in the calendar year as specified in the table
contained in paragraph (4)(B) in the case of an
individual who--
``(i) is not a married individual, and
``(ii) is not a surviving spouse,
``(C) 50 percent of the dollar amount applicable
under paragraph (1)(A) in the case of a married
individual who files a separate return, and
``(D) $22,500 in the case of an estate or trust.
For purposes of this paragraph, the term `surviving spouse' has
the meaning given to such term by section 2(a), and marital
status shall be determined under section 7703.''.
(2) Specified exemption amounts.--Section 55(d) of such
Code is amended by adding at the end the following new
paragraph:
``(4) Specified exemption amounts.--
``(A) Taxpayers described in paragraph (1)(A).--For
purposes of paragraph (1)(A)--
------------------------------------------------------------------------
The
``For taxable years beginning in-- exemption
amount is:
------------------------------------------------------------------------
2010....................................................... $72,450
2011....................................................... $74,450
2012....................................................... $78,250
2013....................................................... $81,450
2014....................................................... $85,050
2015....................................................... $88,650
2016....................................................... $92,650
2017....................................................... $96,550
2018....................................................... $100,950
2019....................................................... $105,150
2020....................................................... $109,950.
------------------------------------------------------------------------
``(B) Taxpayers described in paragraph (1)(B).--For
purposes of paragraph (1)(B)--
------------------------------------------------------------------------
The
``For taxable years beginning in-- exemption
amount is:
------------------------------------------------------------------------
2010....................................................... $47,450
2011....................................................... $48,450
2012....................................................... $50,350
2013....................................................... $51,950
2014....................................................... $53,750
2015....................................................... $55,550
2016....................................................... $57,550
2017....................................................... $59,500
2018....................................................... $61,700
2019....................................................... $63,800
2020....................................................... $66,200.''.
------------------------------------------------------------------------
(b) Alternative Minimum Tax Relief for Nonrefundable Credits.--
(1) In general.--Subsection (a) of section 26 of the
Internal Revenue Code of 1986 is amended to read as follows:
``(a) Limitation Based on Amount of Tax.--The aggregate amount of
credits allowed by this subpart for the taxable year shall not exceed
the sum of--
``(1) the taxpayer's regular tax liability for the taxable
year reduced by the foreign tax credit allowable under section
27(a), and
``(2) the tax imposed by section 55(a) for the taxable
year.''.
(2) Conforming amendments.--
(A) Adoption credit.--
(i) Section 23(b) of such Code, as in
effect on December 31, 2009, is amended by
striking paragraph (4).
(ii) Section 23(c) of such Code, as in
effect on December 31, 2009, is amended by
striking paragraphs (1) and (2) and inserting
the following:
``(1) In general.--If the credit allowable under subsection
(a) for any taxable year exceeds the limitation imposed by
section 26(a) for such taxable year reduced by the sum of the
credits allowable under this subpart (other than this section
and sections 25D and 1400C), such excess shall be carried to
the succeeding taxable year and added to the credit allowable
under subsection (a) for such taxable year.''.
(iii) Section 23(c) of such Code, as in
effect on December 31, 2009 amended by
redesignating paragraph (3) as paragraph (2).
(B) Child tax credit.--
(i) Section 24(b) of such Code is amended
by striking paragraph (3).
(ii) Section 24(d)(1) of such Code is
amended--
(I) by striking ``section 26(a)(2)
or subsection (b)(3), as the case may
be,'' each place it appears in
subparagraphs (A) and (B) and inserting
``section 26(a)'', and
(II) by striking ``section 26(a)(2)
or subsection (b)(3), as the case may
be'' in the second last sentence and
inserting ``section 26(a)''.
(C) Credit for interest on certain home
mortgages.--Section 25(e)(1)(C) of such Code is amended
to read as follows:
``(C) Applicable tax limit.--For purposes of this
paragraph, the term `applicable tax limit' means the
limitation imposed by section 26(a) for the taxable
year reduced by the sum of the credits allowable under
this subpart (other than this section and sections 23,
25D, and 1400C).''.
(D) Savers' credit.--Section 25B of such Code is
amended by striking subsection (g).
(E) Residential energy efficient property.--Section
25D(c) of such Code is amended to read as follows:
``(c) Carryforward of Unused Credit.--If the credit allowable under
subsection (a) exceeds the limitation imposed by section 26(a) for such
taxable year reduced by the sum of the credits allowable under this
subpart (other than this section), such excess shall be carried to the
succeeding taxable year and added to the credit allowable under
subsection (a) for such succeeding taxable year.''.
(F) Certain plug-in electric vehicles.--Section
30(c)(2) of such Code is amended to read as follows:
``(2) Personal credit.--For purposes of this title, the
credit allowed under subsection (a) for any taxable year
(determined after application of paragraph (1)) shall be
treated as a credit allowable under subpart A for such taxable
year.''.
(G) Alternative motor vehicle credit.--Section
30B(g)(2) of such Code is amended to read as follows:
``(2) Personal credit.--For purposes of this title, the
credit allowed under subsection (a) for any taxable year
(determined after application of paragraph (1)) shall be
treated as a credit allowable under subpart A for such taxable
year.''.
(H) New qualified plug-in electric vehicle
credit.--Section 30D(c)(2) of such Code is amended to
read as follows:
``(2) Personal credit.--For purposes of this title, the
credit allowed under subsection (a) for any taxable year
(determined after application of paragraph (1)) shall be
treated as a credit allowable under subpart A for such taxable
year.''.
(I) Cross references.--Section 55(c)(3) of such
Code is amended by striking ``26(a), 30C(d)(2),'' and
inserting ``30C(d)(2)''.
(J) Foreign tax credit.--Section 904 of such Code
is amended by striking subsection (i) and by
redesignating subsections (j), (k), and (l) as
subsections (i), (j), and (k), respectively.
(K) First-time home buyer credit for the district
of columbia.--Section 1400C(d) of such Code is amended
to read as follows:
``(d) Carryforward of Unused Credit.--If the credit allowable under
subsection (a) exceeds the limitation imposed by section 26(a) for such
taxable year reduced by the sum of the credits allowable under subpart
A of part IV of subchapter A (other than this section and section 25D),
such excess shall be carried to the succeeding taxable year and added
to the credit allowable under subsection (a) for such taxable year.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2009.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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