[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3758 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 3758

 To amend the Internal Revenue Code of 1986 to reduce the alternative 
minimum tax by increasing the exemption amounts and adjusting them for 
 inflation and by making permanent law the allowance of the dependent 
  care credit, the child credit, and the adoption credit against such 
                                  tax.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 4, 2007

Mr. Hall of New York 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 alternative 
minimum tax by increasing the exemption amounts and adjusting them for 
 inflation and by making permanent law the allowance of the dependent 
  care credit, the child credit, and the adoption credit against such 
                                  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 ``Family Tax Relief Act of 2007''.

SEC. 2. MODIFICATIONS TO ALTERNATIVE MINIMUM TAX.

    (a) Increase in Exemption Amounts.--
            (1) In general.--Paragraph (1) of section 55(d) of the 
        Internal Revenue Code of 1986 is amended--
                    (A) by striking ``$45,000 ($62,550 in the case of 
                taxable years beginning in 2006)'' and inserting 
                ``$100,000'',
                    (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
                    (C) by striking ``paragraph (1)(A)'' and inserting 
                ``subparagraph (A)''.
            (2) Inflation adjustment.--Subsection (d) of section 55 of 
        such Code is amended by adding at the end the following new 
        paragraph:
            ``(4) Inflation adjustment.--
                    ``(A) In general.--In the case of any taxable year 
                beginning in a calendar year after 2008, the dollar 
                amounts contained in paragraphs (1) and (3) shall be 
                increased by an amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) 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 2007' 
                        for `calendar year 1992' in subparagraph (B) 
                        thereof.
                Any increase determined under the preceding sentence 
                shall be rounded to the nearest multiple of $100.
                    ``(B) Exceptions.--Subparagraph (A) shall not apply 
                for purposes of determining any dollar amount 
                applicable to a corporation, estate, or trust.''.
    (b) Allowance of Child Credit and Adoption Credit Against AMT Made 
Permanent Law.--Title IX of the Economic Growth and Tax Relief 
Reconciliation Act of 2001 shall not apply to the amendments made by 
sections 201(b) and 202(f) of such Act.
    (c) Allowance of Dependent Care Credit Against AMT Made Permanent 
Law.--
            (1) Paragraph (1) of section 26(a) of such Code is amended 
        by inserting ``21,'' before ``23,''.
            (2) Section 21 of such Code is amended by redesignating 
        subsection (f) as subsection (g) and by inserting after 
        subsection (e) the following new subsection:
    ``(f) Limitation Based on Amount of Tax.--In the case of a taxable 
year to which section 26(a)(2) does not apply, the credit allowed under 
subsection (a) for any taxable year shall not exceed the excess of--
            ``(1) the sum of the regular tax liability (as defined in 
        section 26(b)) plus the tax imposed by section 55, over
            ``(2) the sum of the credits allowable under this subpart 
        (other than this section and sections 23, 24, and 25B) and 
        section 27 for the taxable year.''.
    (d) Effective Date.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to taxable years 
        beginning after December 31, 2007.
            (2) Allowance of dependent care credit against amt.--The 
        amendments made by subsection (c) shall apply to taxable years 
        beginning after December 31, 2006.
                                 <all>