[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1923 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 1923

  To amend the Internal Revenue Code of 1986 to modify the exemption 
                amount for the alternative minimum tax.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 18, 2007

  Mr. McCarthy of California 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 modify the exemption 
                amount for 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 ``American Marriage Tax Relief Act of 
2007''.

SEC. 2. MODIFICATION OF EXEMPTION AMOUNT FOR ALTERNATIVE MINIMUM TAX.

    (a) Increase of Exemption Amount.--Paragraph (1) of section 55(d) 
of the Internal Revenue Code of 1986 (relating to exemption amount for 
taxpayers other than corporations) is amended--
            (1) in subparagraph (A) by striking ``$45,000 ($62,550 in 
        the case of taxable years beginning in 2006)'' and inserting 
        ``$85,000'',
            (2) in subparagraph (B) by striking ``$33,750 ($42,500 in 
        the case of taxable years beginning in 2006)'' and inserting 
        ``50 percent of the dollar amount applicable under subparagraph 
        (A)'', and
            (3) in subparagraph (C) by striking ``paragraph (1)(A)'' 
        and inserting ``subparagraph (A)''.
    (b) Increase of Alternative Minimum Taxable Income for Phase-Out of 
Exemption Amount.--Paragraph (3) of section 55(d) of the Internal 
Revenue Code of 1986 (relating to phase-out of exemption amount) is 
amended--
            (1) in subparagraph (A)--
                    (A) by striking ``$150,000'' and inserting 
                ``$225,000'', and
                    (B) by striking ``paragraph (1)(A) or (2)'' and 
                inserting ``paragraph (1)(A)'',
            (2) in subparagraph (B)--
                    (A) by striking ``$112,500'' and inserting ``50 
                percent of the dollar amount applicable under 
                subparagraph (A)'', and
                    (B) by striking ``and'' at the end,
            (3) in subparagraph (C)--
                    (A) by striking ``$75,000'' and inserting ``50 
                percent of the dollar amount applicable under 
                subparagraph (A)'', and
                    (B) by striking ``subparagraph (C) or (D) of 
                paragraph (1).'' and inserting ``paragraph (1)(C),''
            (4) by inserting after subparagraph (C) the following new 
        subparagraphs:
                    ``(D) $75,000 in the case of a taxpayer described 
                in paragraph (1)(D), and
                    ``(E) $150,000 in the case of a taxpayer described 
                in paragraph (2).''.
    (c) Inflation Adjustment.--Subsection (d) of section 55 of the 
Internal Revenue Code of 1986 (relating to exemption amount) is amended 
by adding at the end the following new paragraph:
            ``(4) Inflation adjustment.--In the case of any taxable 
        year beginning in a calendar year after 2006, the dollar 
        amounts contained in paragraph (1)(A) and paragraph (3)(A) 
        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 the calendar year in which 
                the taxable year begins, determined by substituting 
                `calendar year 2005' for `calendar year 1992' in 
                subparagraph (B) thereof.
        Any increase determined under the preceding sentence shall be 
        rounded to the nearest multiple of $100.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2006.
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