[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7005 Engrossed in House (EH)]

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
110th CONGRESS
  2d Session
                                H. R. 7005

_______________________________________________________________________

                                 AN ACT


 
   To amend the Internal Revenue Code of 1986 to provide alternative 
              minimum tax relief for individuals for 2008.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE, ETC.

    (a) In General.--This Act may be cited as the ``Alternative Minimum 
Tax Relief Act of 2008''.
    (b) Reference.--Except as otherwise expressly provided, whenever in 
this Act an amendment or repeal is expressed in terms of an amendment 
to, or repeal of, a section or other provision, the reference shall be 
considered to be made to a section or other provision of the Internal 
Revenue Code of 1986.

SEC. 2. EXTENSION OF ALTERNATIVE MINIMUM TAX RELIEF FOR NONREFUNDABLE 
              PERSONAL CREDITS.

    (a) In General.--Paragraph (2) of section 26(a) is amended--
            (1) by striking ``or 2007'' and inserting ``2007, or 
        2008'', and
            (2) by striking ``2007'' in the heading thereof and 
        inserting ``2008''.
    (b)  Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2007.

SEC. 3. EXTENSION OF INCREASED ALTERNATIVE MINIMUM TAX EXEMPTION 
              AMOUNT.

    (a) In General.--Paragraph (1) of section 55(d) is amended--
            (1) by striking ``($66,250 in the case of taxable years 
        beginning in 2007)'' in subparagraph (A) and inserting 
        ``($69,950 in the case of taxable years beginning in 2008)'', 
        and
            (2) by striking ``($44,350 in the case of taxable years 
        beginning in 2007)'' in subparagraph (B) and inserting 
        ``($46,200 in the case of taxable years beginning in 2008)''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2007.

SEC. 4. INCREASE OF AMT REFUNDABLE CREDIT AMOUNT FOR INDIVIDUALS WITH 
              LONG-TERM UNUSED CREDITS FOR PRIOR YEAR MINIMUM TAX 
              LIABILITY, ETC.

    (a) In General.--Paragraph (2) of section 53(e) is amended to read 
as follows:
            ``(2) AMT refundable credit amount.--For purposes of 
        paragraph (1), the term `AMT refundable credit amount' means, 
        with respect to any taxable year, the amount (not in excess of 
        the long-term unused minimum tax credit for such taxable year) 
        equal to the greater of--
                    ``(A) 50 percent of the long-term unused minimum 
                tax credit for such taxable year, or
                    ``(B) the amount (if any) of the AMT refundable 
                credit amount for the taxpayer's preceding taxable year 
                (determined without regard to subsection (f)(2)).''.
    (b) Treatment of Certain Underpayments, Interest, and Penalties 
Attributable to the Treatment of Incentive Stock Options.--Section 53 
is amended by adding at the end the following new subsection:
    ``(f) Treatment of Certain Underpayments, Interest, and Penalties 
Attributable to the Treatment of Incentive Stock Options.--
            ``(1) Abatement.--Any underpayment of tax outstanding on 
        the date of the enactment of this subsection which is 
        attributable to the application of section 56(b)(3) for any 
        taxable year ending before January 1, 2008 (and any interest or 
        penalty with respect to such underpayment which is outstanding 
        on such date of enactment), is hereby abated. The amount 
        determined under subsection (b)(1) shall not include any tax 
        abated under the preceding sentence.
            ``(2) Increase in credit for certain interest and penalties 
        already paid.--The AMT refundable credit amount, and the 
        minimum tax credit determined under subsection (b), for the 
        taxpayer's first 2 taxable years beginning after December 31, 
        2007, shall each be increased by 50 percent of the aggregate 
        amount of the interest and penalties which were paid by the 
        taxpayer before the date of the enactment of this subsection 
        and which would (but for such payment) have been abated under 
        paragraph (1).''.
    (c) Effective Date.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendment made by this section shall apply to taxable years 
        beginning after December 31, 2007.
            (2) Abatement.--Section 53(f)(1) of the Internal Revenue 
        Code of 1986, as added by subsection (b), shall take effect on 
        the date of the enactment of this Act.

            Passed the House of Representatives September 24, 2008.

            Attest:

                                                                 Clerk.
110th CONGRESS

  2d Session

                               H. R. 7005

_______________________________________________________________________

                                 AN ACT

   To amend the Internal Revenue Code of 1986 to provide alternative 
              minimum tax relief for individuals for 2008.