109 HR 1599 IH: To amend the Internal Revenue Code of 1986 to extend for two years the higher exemption amounts under the alternative minimum tax for individuals and to adjust the exemption amounts and phaseout thresholds in the alternative minimum tax for inflation.
U.S. House of Representatives
2005-04-13
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EN
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1.2-year extension of higher exemption amounts under the individual AMT; adjustment of AMT for inflation
(a)Subparagraphs (A) and (B) of section 55(d)(1) of the Internal Revenue Code of 1986 (relating to exemption amount for taxpayers other than corporations) are each amended by striking and 2005
and inserting , 2005, 2006, and 2007
.
(b)Subsection (d) of section 55 of such Code (relating to exemption amount) is amended by adding at the end the following new paragraph:
(4)In the case of any taxable year beginning in a calendar year after 2005, each of the dollar amounts set forth in paragraphs (1), (2), and (3) shall be increased by an amount equal to—
(A)such dollar amount, multiplied by
(B)the cost-of-living adjustment determined under section 1(f)(3) for such calendar year by substituting calendar year 2004
for calendar year 1992
in subparagraph (B) thereof.If any amount as adjusted under the preceding sentence is not a multiple of $100, such amount shall be rounded to the nearest multiple of $100..
(c)The amendments made by this section shall apply to taxable years beginning after December 31, 2005.