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H.R. 4131 (108th): Alternative Minimum Tax Repeal Act of 2004

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The text of the bill below is as of Apr 2, 2004 (Introduced).

I

108th CONGRESS

2d Session

H. R. 4131

IN THE HOUSE OF REPRESENTATIVES

April 2, 2004

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 limit the increase in the number of individuals affected by the alternative minimum tax and to repeal the alternative minimum tax for individuals in 2014.

1.

Short title

This Act may be cited as .

2.

Limitation on increase in number of individuals affected by the alternative minimum tax; repeal of alternative minimum tax for individuals in 2014

(a)

Limitation on increase in number of individuals affected by the alternative minimum tax

Section 55(d) of the Internal Revenue Code of 1986 (relating to exemption amount for taxpayers other than corporations) is amended—

(1)

in paragraph (1)(A), by striking $45,000 ($58,000 in the case of taxable years beginning in 2003 and 2004) and inserting the applicable joint return amount,

(2)

in paragraph (1)(B), by striking $33,750 ($40,250 in the case of taxable years beginning in 2003 and 2004) and inserting the applicable non-joint return amount, and

(3)

by inserting after paragraph (3) the following new paragraph:

(4)

Applicable joint and non-joint return amounts

For purposes of paragraph (1), the applicable joint return amount and the applicable non-joint return amount shall be determined in accordance with the following table:

For taxable years beginning in calendar year:The applicable joint return amount is:The applicable non-joint return amount is:
2006$59,700$41,400
2007$60,000$41,600
2008, 2009, or 2010$61,500$42,650
2011 or 2012$49,900$34,600
2013$49,950$34,650

.

(b)

Repeal of alternative minimum tax for individuals in 2014

Subsection (a) of section 55 of such Code is amended by adding at the end the following new flush sentence:

Notwithstanding subsection (b), in the case of a taxpayer other than a corporation, the tentative minimum tax for any taxable year beginning after December 31, 2013, shall be zero.

.

(c)

Exception to EGTRRA sunset

Subsection (a) of section 901 of the Economic Growth and Tax Relief Reconciliation Act of 2001 shall not apply to the amendments made by title VII of such Act (relating to alternative minimum tax).

(d)

Effective Dates

(1)

Subsection (a)

The amendments made by subsection (a) shall apply to taxable years beginning after December 31, 2005.

(2)

Subsection (b)

The amendment made by subsection (b) shall apply to taxable years beginning after December 31, 2013.