[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3976 Introduced in House (IH)]






108th CONGRESS
  2d Session
                                H. R. 3976

 To amend the Internal Revenue Code of 1986 to repeal the depreciation 
 adjustments required in computing alternative minimum taxable income.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 16, 2004

 Mr. English 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 depreciation 
 adjustments required in computing alternative minimum taxable income.

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

SECTION 1. REPEAL OF DEPRECIATION ADJUSTMENTS IN COMPUTING ALTERNATIVE 
              MINIMUM TAXABLE INCOME.

    (a) Adjustments Applicable to All Taxpayers.--Subsection (a) of 
section 56 of the Internal Revenue Code of 1986 (relating to 
adjustments applicable to all taxpayers) is amended by striking 
paragraph (1).
    (b) Item of Tax Preference.--Subsection (a) of section 57 of such 
Code (relating to general rule for items of tax preference) is amended 
by repealing paragraph (6).
    (c) Conforming Amendments.--
            (1) Section 55(e)(2)(A) of such Code is amended by striking 
        ``56(a)(1) (relating to depreciation) and section''.
            (2) Section 1400I(f) of such Code is amended by striking 
        paragraph (4).
    (d) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2004.
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