110 HR 2253 IH: AMT Rate Reduction Act of U.S. House of Representatives 2007-05-09 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. 2253 IN THE HOUSE OF REPRESENTATIVES May 9, 2007 Mr. Royce (for himself and Mr. Cantor) 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 reduce the rate of the tentative minimum tax for noncorporate taxpayers to 24 percent.

1.

Short title

This Act may be cited as the AMT Rate Reduction Act of 2007.

2.

Reduction in rate of tentative minimum tax for noncorporate taxpayers

(a)

In general

Clause (i) of section 55(b)(1)(A) of the Internal Revenue Code of 1986 (relating to noncorporate taxpayers) is amended to read as follows: (i)

In general

In the case of a taxpayer other than a corporation, the tentative minimum tax for the taxable year is— (I)24 percent of the taxable excess, reduced by (II)the alternative minimum tax foreign tax credit for the taxable year. . (b)

Conforming amendment

Subparagraph (A) of section 55(b)(1) of such Code is amended by striking clause (iii). (c)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.