[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1487 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 1487

 To amend the Internal Revenue Code of 1986 to repeal the alternative 
minimum tax treatment of incentive stock options, thereby changing the 
  taxable event from the exercise of the stock option to the sale of 
                                 stock.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 4, 2001

   Ms. Lofgren (for herself, Mrs. Tauscher, Ms. Sanchez, Mr. Farr of 
  California, Ms. Woolsey, Mr. Jefferson, Mr. Matsui, Ms. Eshoo, Mr. 
Honda, Ms. Harman, Mr. Baird, Ms. Pelosi, Mr. Sherman, and Mr. Moran of 
  Virginia) 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 repeal the alternative 
minimum tax treatment of incentive stock options, thereby changing the 
  taxable event from the exercise of the stock option to the sale of 
                                 stock.

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

SECTION 1. REPEAL OF ALTERNATIVE MINIMUM TAX TREATMENT OF INCENTIVE 
              STOCK OPTIONS.

    (a) In General.--Subsection (b) of section 56 of the Internal 
Revenue Code of 1986 (relating to adjustments applicable to 
individuals) is amended by striking paragraph (3).
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply with respect to incentive stock options exercised in 2000 or 
thereafter regardless of when such options were granted.
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