I 108th CONGRESS 2d Session H. R. 3976 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.

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.