110 HR 2748 IH: To amend the Internal Revenue Code of 1986 to allow the U.S. House of Representatives 2007-06-15 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. 2748 IN THE HOUSE OF REPRESENTATIVES June 15, 2007 Mr. Frelinghuysen 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 allow the alternative motor vehicle personal credit against the alternative minimum tax.

1.

Alternative motor vehicle personal credit allowed against alternative minimum tax

(a)

In general

Paragraph (2) of section 30B(g) of the Internal Revenue Code of 1986 (relating to application with other credits) is amended to read as follows: (2)

Personal credit

The credit allowed under subsection (a) (after the application of paragraph (1)) for any taxable year shall not exceed the excess (if any) of— (A)the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, over (B)the sum of the credits allowable under this part (other than subpart C, subpart H, and this section). . (b)

Conforming amendment

Subparagraph (A) of section 30C(d)(2) of such Code is amended by striking sections 27, 30, and 30B and inserting sections 27 and 30. (c)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2006.