H. R. 4131
IN THE HOUSE OF REPRESENTATIVES
April 2, 2004
Mr. Houghton introduced the following bill; which was referred to the Committee on Ways and Means
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.
This Act may be cited as
Limitation on increase in number of individuals affected by the alternative minimum tax; repeal of alternative minimum tax for individuals in 2014
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—
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,
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
by inserting after paragraph (3) the following new paragraph:
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:|
|2008, 2009, or 2010||$61,500||$42,650|
|2011 or 2012||$49,900||$34,600|
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.
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).
The amendments made by subsection (a) shall apply to taxable years beginning after December 31, 2005.
The amendment made by subsection (b) shall apply to taxable years beginning after December 31, 2013.