[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 1851 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                S. 1851

To amend the Internal Revenue Code of 1986 to allow personal exemptions 
 under the individual alternative minimum tax, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 23, 2007

  Mr. Sessions (for himself and Mr. Bunning) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to allow personal exemptions 
 under the individual alternative minimum tax, and for other purposes.

    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 ``Saving Families First Alternative 
Minimum Tax Relief Act of 2007''.

SEC. 2. ALLOWANCE OF DEDUCTION FOR PERSONAL EXEMPTIONS AGAINST 
              INDIVIDUAL ALTERNATIVE MINIMUM TAX.

    (a) In General.--Section 56(b)(1)(E) of the Internal Revenue Code 
of 1986 (relating to standard deduction and deduction for personal 
exemptions) is amended by striking ``, the deduction for personal 
exemptions under section 151, and the deduction under section 642(b)''.
    (b) Clerical Amendment.--The heading for section 56(b)(1)(E) is 
amended by striking ``and deduction for personal exemptions''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2006.

SEC. 3. ADJUSTMENT FOR INFLATION OF INDIVIDUAL ALTERNATIVE MINIMUM TAX 
              EXEMPTION AMOUNT.

    Section 55(d) of the Internal Revenue Code of 1986 (relating to 
exemption amount) is amended by adding at the end the following new 
paragraph:
            ``(4) Adjustments for inflation.--In the case of a taxable 
        year beginning after December 31, 2007, each of the dollar 
        amounts in paragraphs (1) and (3) 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 2006' for `calendar year 1992' in 
                subparagraph (B) thereof.
        If any amount as adjusted under the preceding sentence is not a 
        multiple of $10, such amount shall be rounded to the nearest 
        multiple of $10.''.
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