H.R. 240 (111th): Individual AMT Repeal Act of 2009

111th Congress, 2009–2010. Text as of Jan 07, 2009 (Introduced).

Status & Summary | PDF | Source: GPO

HR 240 IH

111th CONGRESS

1st Session

H. R. 240

To amend the Internal Revenue Code of 1986 to repeal the alternative minimum tax on individuals.

IN THE HOUSE OF REPRESENTATIVES

January 7, 2009

Mr. GARRETT of New Jersey 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 repeal the alternative minimum tax on individuals.

    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 ‘Individual AMT Repeal Act of 2009’.

SEC. 2. REPEAL OF INDIVIDUAL ALTERNATIVE MINIMUM TAX.

    (a) In General- Section 55(a) of the Internal Revenue Code of 1986 (relating to alternative minimum tax imposed) is amended by adding at the end the following new flush sentence:

    ‘Except in the case of a corporation, no tax shall be imposed by this section for any taxable year beginning after December 31, 2008, and the tentative minimum tax of any taxpayer other than a corporation for any such taxable year shall be zero for purposes of this title.’.

    (b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2008.