[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 1855 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                S. 1855

    To amend the Internal Revenue Code of 1986 to provide relief to 
  individuals from the penalty for failure to pay estimated taxes on 
amounts attributable to the alternative minimum tax in cases where the 
    taxpayer was not subject to the alternative minimum tax in the 
                        preceding taxable year.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 23, 2007

 Mr. Grassley (for himself, Mrs. Hutchison, Mr. Bingaman, Mr. Allard, 
and Mr. Brownback) 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 provide relief to 
  individuals from the penalty for failure to pay estimated taxes on 
amounts attributable to the alternative minimum tax in cases where the 
    taxpayer was not subject to the alternative minimum tax in the 
                        preceding taxable year.

    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 ``AMT Penalty Protection Act of 
2007''.

SEC. 2. ESTIMATED TAX SAFE HARBOR FOR ALTERNATIVE MINIMUM TAX 
              LIABILITY.

    (a) In General.--Section 6654 of the Internal Revenue Code of 1986 
(relating to failure by individual to pay estimated income tax) is 
amended by redesignating subsection (m) as subsection (n) and by 
inserting after subsection (l) the following new subsection:
    ``(m) Safe Harbor for Certain Alternative Minimum Tax Payers.--In 
the case of any individual with respect to whom there was no liability 
for the tax imposed under section 55 for the preceding taxable year--
            ``(1) any required payment calculated under subsection 
        (d)(1)(B)(i) shall be determined without regard to any tax 
        imposed under section 55,
            ``(2) any annualized income installment calculated under 
        subsection (d)(2)(B) shall be determined without regard to 
        alternative minimum taxable income, and
            ``(3) the determination of the amount of the tax for the 
        taxable year for purposes of subsection (e)(1) shall not 
        include the amount of any tax imposed under section 55.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years ending after the date of the enactment of this Act.
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