109 HR 4096 EH: Stealth Tax Relief Act of 2005 U.S. House of Representatives 0 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 109th CONGRESS 1st Session H. R. 4096 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Internal Revenue Code of 1986 to extend to 2006 the alternative minimum tax relief available in 2005 and to index such relief for inflation.

1.

Short title

This Act may be cited as the Stealth Tax Relief Act of 2005.

2.

Extension of alternative minimum tax relief to 2006

(a)

In General

Subparagraphs (A) and (B) of section 55(d)(1) of the Internal Revenue Code of 1986 are each amended by striking and 2005 and inserting , 2005, and 2006. (b)

Inflation Adjustment

Subsection (d) of section 55 of such Code 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 calendar year 2006, the $58,000 amount contained in paragraph (1)(A) and the $40,250 amount contained in paragraph (1)(B) shall each 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 2004 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.. (c)

Effective Date

The amendments made by this section shall apply to taxable years beginning after December 31, 2005.

Passed the House of Representatives December 7, 2005.Jeff TrandahlClerk.