110 HR 1923 IH: To amend the Internal Revenue Code of 1986 to modify the U.S. House of Representatives 2007-04-18 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 110th CONGRESS 1st Session H. R. 1923 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.

1.

Short title

This Act may be cited as the American Marriage Tax Relief Act of 2007.

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.