3.0.0 2886 2019-11-15T21:57:51Z 2019-11-15T21:57:51Z Senate S S 2008-04-17 110 ssfi00 Finance Committee Senate Standing Referred to 2008-04-17T21:11:00Z Alternative Minimum Tax and Extenders Tax Relief Act of 2008 110 3098 S 2008-06-09 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 771. Related bill CRS 2008-04-17 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3157-3160) IntroReferral 2008-04-17 Sponsor introductory remarks on measure. (CR S3156-3157) IntroReferral B00100 9 Library of Congress 2008-04-17 Introduced in Senate IntroReferral 10000 9 Library of Congress B000243 Sen. Baucus, Max [D-MT] MAX BAUCUS D MT SIEBEN N G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. 2008-04-17 True S001163 Sen. Salazar, Ken [D-CO] Ken Salazar D CO 2008-04-17 True S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2008-04-17 True S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2008-04-17 True S001142 Sen. Smith, Gordon H. [R-OR] GORDON SMITH R OR H. 2008-04-17 True C000880 Sen. Crapo, Mike [R-ID] Mike Crapo R ID 2008-04-17 True R000361 Sen. Rockefeller, John D., IV [D-WV] JAY ROCKEFELLER D WV 2008-04-17 True K000352 Sen. Kyl, Jon [R-AZ] Jon Kyl R AZ Llewellyn 2008-04-17 True S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. 2008-04-17 True B001066 Sen. Bunning, Jim [R-KY] JIM BUNNING R KY 2008-04-22 False S001078 Sen. Sununu, John E. [R-NH] John Sununu R NH E. 2008-04-28 False C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD 2008-05-06 False Taxation Agriculture and Food Alcohol tax Alcoholic beverages Alternative energy sources American Samoa Armed Forces and National Security Arts, Culture, Religion Books Capital gains tax Charitable contributions Coal College costs Commerce Corporation taxes Crime and Law Enforcement Department of the Treasury Depreciation and amortization Depressed areas Earned income tax credit Economic development Economics and Public Finance Education Education of the disadvantaged Electric appliances Elementary and secondary education Emergency Management Energy Energy conservation Energy efficiency Enterprise zones Environmental Protection Finance and Financial Sector Foreign Trade and International Finance Foreign corporations Fuel cells Government Operations and Politics Health Health insurance Higher education Holding companies Housing and Community Development Hurricanes Income tax Indian economic development Individual retirement accounts Insurance Internal Revenue Service (IRS) Inventories Labor and Employment Leases Local taxation Mental health services Military pay Mine safety Minimum tax Minorities Minority employment Mortgages Motion pictures Mutual funds Puerto Rico Railroad engineering Rescue work Research and development tax credit Restaurants Sales tax School buildings Science, Technology, Communications Small business Social Welfare Social security taxes Solar energy Sports and Recreation State taxation Stocks Subsidiary corporations Tax administration Tax credits Tax deductions Tax exclusion Tax exemption Tax returns Tax-exempt organizations Taxation of foreign income Teachers Television industry Terrorism Transportation and Public Works Undercover operations Virgin Islands Taxation 00 2008-04-17 Introduced in Senate 2008-04-25T15:11:50Z Alternative Minimum Tax and Extenders Tax Relief Act of 2008 - Amends the Internal Revenue Code to extend expiring provisions relating to the alternative minimum tax, individual and business taxpayers, energy conservation, and tax administration.

Extends through 2008 for individual taxpayers: (1) the offset of nonrefundable personal tax credits against alternative minimum tax (AMT) liability; and (2) increased AMT exemption amounts.

Extends through 2009: (1) the election to include combat zone compensation as earned income for purposes of the earned income tax credit; (2) tax-free distributions from individual retirement plans (IRAs) for individuals called or ordered to active military duty and for charitable purposes; (3) the election to deduct state and local sales taxes in lieu of state and local income taxes; (4) the tax deductions for qualified tuition and related expenses and for certain expenses of elementary and secondary school teachers; (5) authority for use of qualified mortgage bonds to finance residences for veterans; (6) provisions relating to regulated investment companies and qualified investment entities; and (7) the special rule for charitable contributions of capital gain real property for conservation purposes.

Extends through 2009 various business-related tax provisions, including: (1) the tax credit for increasing research activities; (2) the new markets tax credit; (3) provisions relating to foreign personal holding company income; (4) accelerated deprecation for qualified leasehold and restaurant improvements, for motorsports racing track facilities, and for business property on Indian reservations; (5) the expanded tax deduction for charitable contributions of food and book inventories by noncorporate taxpayers; (6) the special rule for the tax treatment of certain payments to tax-exempt organizations by a controlled subsidiary; (7) the special rule for reductions in the basis of S corporation stock for charitable contributions of property; (8) increases in alcohol excise taxes payable to Puerto Rico and the Virgin Islands; (9) parity provisions for group health insurance mental health benefits; (10) the economic development credit for American Samoa; (11) tax incentives for mine rescue team training and advanced mine safety equipment; (12) the expensing allowance for film and television production expenditures and for environmental remediation costs; (13) the tax deduction for income attributable to domestic production activities in Puerto Rico; (14) issuance authority for qualified zone academy bonds; (15) the Indian employment tax credit; (16) the tax credit for railroad track maintenance; and (17) work opportunity tax credit eligibility for Hurricane Katrina employees.

Extends through 2009 tax credits for: (1) energy efficient appliances; (2) nonbusiness energy property; (3) residential energy efficient property; (4) producing electricity from renewable resources; (5) new energy efficient homes; and (6) investment in certain energy property and in clean renewable energy bonds. Extends through 2009 the tax deduction for energy efficient commercial buildings.

Makes permanent the authority for Internal Revenue Service (IRS) undercover operations and combined employment tax reporting. Extends through 2009 IRS authority for disclosure of tax information relating to terrorist activities.

]]> Alternative Minimum Tax and Extenders Tax Relief Act of 2008 Short Titles as Introduced Alternative Minimum Tax and Extenders Tax Relief Act of 2008 Display Title Alternative Minimum Tax and Extenders Tax Relief Act of 2008 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to amend certain expiring provisions. Introduced in Senate 2008-04-17T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2886is/xml/BILLS-110s2886is.xml 2008-04-17 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3157-3160) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.