[Congressional Record Volume 153, Number 168 (Thursday, November 1, 2007)]
[Senate]
[Page S13694]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. LOTT (for himself, Mr. Grassley, Mr. Kyl, Mr. Smith, Mr. 
        Bunning, Mr. Crapo, Mr. Roberts, Mr. Hatch, Ms. Snowe, and Mr. 
        Ensign):
  S. 2293. A bill to amend the Internal Revenue Code of 1986 to repeal 
the individual alternative minimum tax, and for other purposes; read 
the first time.
  Mr. LOTT. Mr. President, I ask unanimous consent that the text of the 
bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
placed in the Record, as follows:

                                S. 2293

       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 ``Individual Alternative 
     Minimum Tax Repeal Act of 2007''.

     SEC. 2. REPEAL OF INDIVIDUAL ALTERNATIVE MINIMUM TAX.

       (a) In General.--Section 55(a) of the Internal Revenue Code 
     of 1986 (relating to alternative minimum tax imposed) is 
     amended by adding at the end the following new flush 
     sentence:

     ``For purposes of this title, the tentative minimum tax on 
     any taxpayer other than a corporation for any taxable year 
     beginning after December 31, 2006, shall be zero.''.
       (b) Modification of Limitation on Use of Credit for Prior 
     Year Minimum Tax Liability.--Subsection (c) of section 53 of 
     the Internal Revenue Code of 1986 (relating to credit for 
     prior year minimum tax liability) is amended to read as 
     follows:
       ``(c) Limitation.--
       ``(1) In general.--Except as provided in paragraph (2), the 
     credit allowable under subsection (a) for any taxable year 
     shall not exceed the excess (if any) of--
       ``(A) the regular tax liability of the taxpayer for such 
     taxable year reduced by the sum of the credits allowable 
     under subparts A, B, D, E, and F of this part, over
       ``(B) the tentative minimum tax for the taxable year.
       ``(2) Taxable years beginning after 2006.--In the case of 
     any taxable year beginning after 2006, the credit allowable 
     under subsection (a) to a taxpayer other than a corporation 
     for any taxable year shall not exceed 90 percent of the 
     regular tax liability of the taxpayer for such taxable year 
     reduced by the sum of the credits allowable under subparts A, 
     B, D, E, and F of this part.''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to taxable years beginning after December 31, 
     2006.

     SEC. 3. ONE-TIME ESTIMATED TAX SAFE HARBOR FOR ALTERNATIVE 
                   MINIMUM TAX LIABILITY.

       For purposes of any taxable year beginning in 2006, in the 
     case of any individual with respect to whom there was no 
     liability for the tax imposed under section 55 of the 
     Internal Revenue Code of 1986 for the preceding taxable 
     year--
       (1) the tax shown on the return under section 
     6654(d)(1)(B)(i) of such Code shall be reduced (but not below 
     zero) by the amount of tax imposed by such section 55 shown 
     on the return,
       (2) the tax for the taxable year under section 
     6654(d)(2)(B)(i) of such Code (before multiplication by the 
     applicable percentage) shall be reduced (but not below zero) 
     by the tax imposed by such section 55, and
       (3) the amount of tax for the taxable year for purposes of 
     section 6654(e)(1) of such Code shall be reduced (but not 
     below zero) by the amount of tax imposed by such section 55.
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