[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 537 Introduced in Senate (IS)]







106th CONGRESS
  1st Session
                                 S. 537

  To amend the Internal Revenue Code of 1986 to adjust the exemption 
 amounts used to calculate the individual alternative minimum tax for 
                         inflation since 1993.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 4, 1999

   Mr. Lugar introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to adjust the exemption 
 amounts used to calculate the individual alternative minimum tax for 
                         inflation since 1993.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INFLATION ADJUSTMENT FOR INDIVIDUAL AMT EXEMPTION AMOUNTS.

    (a) In General.--Section 55(d) of the Internal Revenue Code of 1986 
(relating to exemption amount) is amended by adding at the end the 
following:
            ``(4) Inflation adjustment.--
                    ``(A) In general.--In the case of any taxable year 
                beginning after 1998, each of the dollar amounts 
                contained in paragraphs (1) and (3) shall be increased 
                by an amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for such 
                        calendar year.
                    ``(B) Rounding.--If any increase determined under 
                subparagraph (A) is not a multiple of $50, such 
                increase shall be rounded to the nearest multiple of 
                $50.''
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 1998.
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