[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 734 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                 S. 734

 To amend the Internal Revenue Code of 1986 to reduce the rate of the 
    tentative minimum tax for noncorporate taxpayers to 24 percent.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 1, 2007

  Mr. Specter 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 reduce the rate of the 
    tentative minimum tax for noncorporate taxpayers to 24 percent.

    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 Rate Reduction Act of 2007''.

SEC. 2. REDUCTION IN RATE OF TENTATIVE MINIMUM TAX FOR NONCORPORATE 
              TAXPAYERS.

    (a) In General.--Clause (i) of section 55(b)(1)(A) of the Internal 
Revenue Code of 1986 (relating to noncorporate taxpayers) is amended to 
read as follows:
                            ``(i) In general.--In the case of a 
                        taxpayer other than a corporation, the 
                        tentative minimum tax for the taxable year is--
                                    ``(I) 24 percent of the taxable 
                                excess, reduced by
                                    ``(II) the alternative minimum tax 
                                foreign tax credit for the taxable 
                                year.''.
    (b) Conforming Amendment.--Subparagraph (A) of section 55(b)(1) of 
such Code is amended by striking clause (iii).
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
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