S. 2432 (110th): AMT Equity Act of 2007

Introduced:
Dec 06, 2007 (110th Congress, 2007–2009)
Sponsor:
Sen. Sheldon Whitehouse [D-RI]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on December 6, 2007, in a previous session of Congress, but was not enacted.

Progress
Introduced Dec 06, 2007
Referred to Committee Dec 06, 2007
Cosponsors
none
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to amend the Internal Revenue Code of 1986 to provide alternative minimum tax relief for 2007 and to provide special tax rates for certain capital gains and qualified dividend income for 2007, and for other purposes.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Dec 06, 2007.
5 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

12/6/2007--Introduced.
AMT Equity Act of 2007 - Amends the Internal Revenue Code to extend through 2007:
(1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liability; and
(2) the increased AMT exemption amounts.
Repeals, for taxable years beginning in 2007, the AMT for individual taxpayers whose adjusted gross income does not exceed $100,000 ($200,000 in the case of a joint return).
Imposes, for taxable years beginning in 2007, a graduated increase in capital gains tax rates for any individual taxpayer whose adjusted gross income exceeds $1 million ($2 million in the case of a joint return).
Exempts such a taxpayer from any estimated tax penalties resulting from an increase in capital gains tax rates in 2007.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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