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

Introduced:
Dec 06, 2007 (110th Congress, 2007–2009)
Status:
Died (Referred to Committee)
Sponsor
Sheldon Whitehouse
Senator from Rhode Island
Party
Democrat
Text
Read Text »
Last Updated
Dec 06, 2007
Length
5 pages
Related Bills
H.R. 3996 (Related)
Tax Increase Prevention Act of 2007

Signed by the President
Dec 26, 2007

S. 2318 (Related)
AMT Repeal and Tax Freedom Act

Reported by Committee
Last Action: Nov 08, 2007

 
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
 
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.

Cosponsors
none
Committees

Senate Finance

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

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

Widget

Get a bill status widget for your website »

Citation

Click a format for a citation suggestion:

Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

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

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

Use the comment space below for discussion of the merits of S. 2432 (110th) with other GovTrack users.
Your comments are not read by Congressional staff.

comments powered by Disqus