[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4164 Introduced in House (IH)]






108th CONGRESS
  2d Session
                                H. R. 4164

 To amend the Internal Revenue Code of 1986 to index for inflation the 
exemption amount for individuals under the alternative minimum tax and 
     to repeal the alternative minimum tax on individuals in 2010.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 2, 2004

 Mr. Shuster 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 index for inflation the 
exemption amount for individuals under the alternative minimum tax and 
     to repeal the alternative minimum tax on individuals in 2010.

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

SECTION 1. INDEXING FOR INFLATION OF EXEMPTION AMOUNT FOR INDIVIDUALS 
              UNDER THE ALTERNATIVE MINIMUM TAX.

    (a) In General.--Subsection (d) of section 55 of the Internal 
Revenue Code of 1986 (relating to exemption amount) is amended by 
inserting after paragraph (3) the following new paragraph:
            ``(4) Inflation adjustment.--
                    ``(A) In general.--In the case of any taxable year 
                beginning in a calendar year after 2004, the dollar 
                amounts contained in subparagraphs (A) and (B) of 
                paragraph (1) 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 the 
                        calendar year in which the taxable year begins, 
                        determined by substituting `2003' for `1992' in 
                        subparagraph (B) thereof.
                    ``(B) Rounding.--Any increase determined under 
                subparagraph (A) which is not a multiple of $50 shall 
                be rounded to the next lowest multiple of $50.''.
    (b) Conforming Amendments.--
            (1) Section 55(d)(1)(A) of such Code is amended by striking 
        ``$45,000 ($58,000 in the case of taxable years beginning in 
        2003 and 2004)'' and inserting ``$58,000''.
            (2) Section 55(d)(1)(A) of such Code is amended by striking 
        ``$33,750 ($40,250 in the case of taxable years beginning in 
        2003 and 2004)'' and inserting ``$40,250''.
            (3) Subsection (a) of section 901 of the Economic Growth 
        and Tax Relief Reconciliation Act of 2001 shall not apply to 
        the amendments made by title VII of such Act (relating to 
        alternative minimum tax).
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2004.

SEC. 2. REPEAL OF ALTERNATIVE MINIMUM TAX IN 2010.

    (a) In General.--Subsection (a) of section 55 of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
flush sentence:
``Notwithstanding subsection (b), in the case of a taxpayer other than 
a corporation, the tentative minimum tax for any taxable year beginning 
after December 31, 2009, shall be zero.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2009.
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