[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3747 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 3747

To amend the Internal Revenue Code of 1986 to increase the alternative 
   minimum tax exemption amount and index such amount for inflation.


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                    IN THE HOUSE OF REPRESENTATIVES

                           December 20, 2011

Mrs. Lowey (for herself and Mr. Garrett) introduced the following bill; 
         which was referred to the Committee on Ways and Means

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to increase the alternative 
   minimum tax exemption amount and index such amount for inflation.

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

SECTION 1. PERMANENT INCREASED ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNT 
              INDEXED FOR INFLATION.

    (a) Increase.--Paragraph (1) of section 55(d) of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking ``$45,000 ($72,450 in the case of taxable 
        years beginning in 2010 and $74,450 in the case of taxable 
        years beginning in 2011)'' in subparagraph (A) and inserting 
        ``$100,000'', and
            (2) by striking ``$33,750 ($47,450 in the case of taxable 
        years beginning in 2010 and $48,450 in the case of taxable 
        years beginning in 2011)'' in subparagraph (B) and inserting 
        ``$75,000''.
    (b) Inflation Adjustment.--Subsection (d) of section 55 of such 
Code is amended by adding at the end the following new paragraph:
            ``(4) Inflation adjustment.--In the case of any taxable 
        year beginning after 2012, the dollar amounts in subparagraphs 
        (A) and (B) of paragraph (1) shall each 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 2011' for `calendar year 1992' in 
                subparagraph (B) thereof.
        If any amount as adjusted under the preceding sentence is not a 
        multiple of $100, such amount shall be rounded to the next 
        lowest multiple of $100.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2011.
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