[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1196 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 1196

  To amend the Internal Revenue Code of 1986 to allow State and local 
     taxes to be deducted in computing the alternative minimum tax.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 22, 2001

  Mr. Rangel 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 allow State and local 
     taxes to be deducted in computing the alternative minimum tax.

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

SECTION 1. DEDUCTION FOR STATE AND LOCAL TAXES ALLOWED IN COMPUTING 
              ALTERNATIVE MINIMUM TAX.

    (a) In General.--The last sentence of section 56(b)(1)(A) of the 
Internal Revenue Code of 1986 (relating to limitations on deductions) 
is amended by inserting before the period ``and shall not apply to 
State and local taxes''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2000.
                                 <all>