[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1112 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 1112

   To amend the Internal Revenue Code of 1986 to provide individuals 
                relief from the alternative minimum tax.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 16, 2007

 Mr. Reynolds (for himself, Mr. Herger, Mr. Sam Johnson of Texas, Mr. 
   English of Pennsylvania, Mr. Weller of Illinois, Mr. Cantor, Mr. 
 Linder, Mr. Tiberi, Mr. King of New York, Mr. Walsh of New York, Mr. 
McHugh, Mr. Fossella, Mr. Kuhl of New York, Mrs. Myrick, Mr. Royce, Mr. 
Hunter, Mr. Westmoreland, Mr. LoBiondo, Mr. Culberson, Mrs. Blackburn, 
 Mr. Terry, Mr. Lincoln Diaz-Balart of Florida, Mr. Walden of Oregon, 
  Mrs. Capito, Mrs. Drake, Mrs. Bono, Mr. Sessions, Mr. Gohmert, Mr. 
Frelinghuysen, Mr. Neugebauer, Mr. Garrett of New Jersey, Mr. Walberg, 
    Mrs. Biggert, Mr. Wilson of South Carolina, and Mr. Bilirakis) 
 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 provide individuals 
                relief from the alternative minimum tax.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Stealth Tax Relief Extension Act of 
2007''.

SEC. 2. INCREASE IN ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNT FOR 2007.

    (a) In General.--Section 55(d)(1) of the Internal Revenue Code of 
1986 (relating to exemption amount for taxpayers other than 
corporations) is amended--
            (1) by striking ``$62,550 in the case of taxable years 
        beginning in 2006'' in subparagraph (A) and inserting ``$66,400 
        in the case of taxable years beginning in 2007'', and
            (2) by striking ``$42,500 in the case of taxable years 
        beginning in 2006'' in subparagraph (B) and inserting ``$45,100 
        in the case of taxable years beginning in 2007''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2006.

SEC. 3. ALLOWANCE OF NONREFUNDABLE PERSONAL CREDITS AGAINST REGULAR AND 
              ALTERNATIVE MINIMUM TAX LIABILITY.

    (a) In General.--Paragraph (2) of section 26(a) of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking ``2006'' in the heading thereof and 
        inserting ``2007'', and
            (2) by striking ``or 2006'' and inserting ``2006, or 
        2007''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2006.
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