[Congressional Record Volume 156, Number 164 (Monday, December 13, 2010)]
[Senate]
[Pages S8848-S8849]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            NOTICE OF INTENT

  Mr. DeMINT. Madam President, I submit the following notice in 
writing--``In accordance with rule V of the Standing Rules of the 
Senate, I hereby give notice in writing that it is my intention to move 
to suspend rule XXII for the purpose of proposing and considering the 
following amendment to the Senate amendment to the House amendment to 
H.R. 4853:

       Strike all after the first word and insert the following:

     1. SHORT TITLE.

       This Act may be cited as the ``Tax Relief Certainty Act''.

                     TITLE I--PERMANENT TAX RELIEF

     SEC. 101. REPEAL OF EGTRRA SUNSET.

       (a) In General.--Section 901 of the Economic Growth and Tax 
     Relief Reconciliation Act of 2001 is repealed.
       (b) Sunset Maintained for Expansion of Adoption Benefits 
     Under the Patient Protection and Affordable Care Act.--
     Subsection (c) of section 10909 of the Patient Protection and 
     Affordable Care Act is amended to read as follows:
       ``(c) Sunset Provision.--All provisions of, and amendments 
     made by, this section shall not apply to taxable years 
     beginning after December 31, 2011, and the Internal Revenue 
     Code of 1986 shall be applied and administered to such years 
     as if such provisions and amendments had never been 
     enacted.''.

     SEC. 102. REPEAL OF JGTRRA SUNSET.

       Section 303 of the Jobs and Growth Tax Relief 
     Reconciliation Act of 2003 is repealed.

     SEC. 103. TECHNICAL AND CONFORMING AMENDMENTS.

       The Secretary of the Treasury or the Secretary's delegate 
     shall not later than 90 days after the date of the enactment 
     of this Act, submit to the Committee on Ways and Means of the 
     House of Representatives and the Committee on Finance of the 
     Senate a draft of any technical and conforming changes in the 
     Internal Revenue Code of 1986 which are necessary to reflect 
     throughout such Code the purposes of the provisions of, and 
     amendments made by, this Act.

               TITLE II--PERMANENT INDIVIDUAL AMT RELIEF

     SEC. 201. PERMANENT INDIVIDUAL AMT RELIEF.

       (a) Modification of Alternative Minimum Tax Exemption 
     Amount.--
       (1) In general.--Paragraph (1) of section 55(d) of the 
     Internal Revenue Code of 1986 (relating to exemption amount) 
     is amended to read as follows:
       ``(1) Exemption amount for taxpayers other than 
     corporations.--In the case of a taxpayer other than a 
     corporation, the term `exemption amount' means--
       ``(A) the dollar amount for taxable years beginning in the 
     calendar year as specified in the table contained in 
     paragraph (4)(A) in the case of--
       ``(i) a joint return, or
       ``(ii) a surviving spouse,
       ``(B) the dollar amount for taxable years beginning in the 
     calendar year as specified in the table contained in 
     paragraph (4)(B) in the case of an individual who--
       ``(i) is not a married individual, and
       ``(ii) is not a surviving spouse,
       ``(C) 50 percent of the dollar amount applicable under 
     paragraph (1)(A) in the case of a married individual who 
     files a separate return, and
       ``(D) $22,500 in the case of an estate or trust.
     For purposes of this paragraph, the term `surviving spouse' 
     has the meaning given to such term by section 2(a), and 
     marital status shall be determined under section 7703.''.
       (2) Specified exemption amounts.--Section 55(d) of such 
     Code is amended by adding at the end the following new 
     paragraph:
       ``(4) Specified exemption amounts.--
       ``(A) Taxpayers described in paragraph (1)(A).--For 
     purposes of paragraph (1))(A)--


------------------------------------------------------------------------
                                                           The exemption
           ``For taxable years beginning in--               amount is:
------------------------------------------------------------------------
2010....................................................         $72,450
2011....................................................         $74,450
2012....................................................         $78,250
2013....................................................         $81,450
2014....................................................         $85,050
2015....................................................         $88,650
2016....................................................         $92,650
2017....................................................         $96,550
2018....................................................        $100,950
2019....................................................        $105,150
2020....................................................       $109,950.
------------------------------------------------------------------------

       ``(B) Taxpayers described in paragraph (1)(B).--For 
     purposes of paragraph (1))(B)--


------------------------------------------------------------------------
                                                           The exemption
           ``For taxable years beginning in--               amount is:
------------------------------------------------------------------------
2010....................................................         $47,450
2011....................................................         $48,450
2012....................................................         $50,350
2013....................................................         $51,950
2014....................................................         $53,750
2015....................................................         $55,550
2016....................................................         $57,550
2017....................................................         $59,500
2018....................................................         $61,700
2019....................................................         $63,800
2020....................................................     $66,200.''.
------------------------------------------------------------------------

       (b) Alternative Minimum Tax Relief for Nonrefundable 
     Credits.--
       (1) In general.--Subsection (a) of section 26 of the 
     Internal Revenue Code of 1986 is amended to read as follows:
       ``(a) Limitation Based on Amount of Tax.--The aggregate 
     amount of credits allowed by this subpart for the taxable 
     year shall not exceed the sum of--
       ``(1) the taxpayer's regular tax liability for the taxable 
     year reduced by the foreign tax credit allowable under 
     section 27(a), and
       ``(2) the tax imposed by section 55(a) for the taxable 
     year.''.
       (2) Conforming amendments.--
       (A) Adoption credit.--
       (i) Section 23(b) of such Code, as in effect on December 
     31, 2009, is amended by striking paragraph (4).
       (ii) Section 23(c) of such Code, as in effect on December 
     31, 2009, is amended by striking paragraphs (1) and (2) and 
     inserting the following:
       ``(1) In general.--If the credit allowable under subsection 
     (a) for any taxable year exceeds the limitation imposed by 
     section 26(a) for such taxable year reduced by the sum of the 
     credits allowable under this subpart (other than this section 
     and sections 25D and 1400C), such excess shall be carried to 
     the succeeding taxable year and added to the credit allowable 
     under subsection (a) for such taxable year.''.
       (iii) Section 23(c) of such Code, as in effect on December 
     31, 2009 amended by redesignating paragraph (3) as paragraph 
     (2).
       (B) Child tax credit.--

[[Page S8849]]

       (i) Section 24(b) of such Code is amended by striking 
     paragraph (3).
       (ii) Section 24(d)(1) of such Code is amended--

       (I) by striking ``section 26(a)(2) or subsection (b)(3), as 
     the case may be,'' each place it appears in subparagraphs (A) 
     and (B) and inserting ``section 26(a)'', and
       (II) by striking ``section 26(a)(2) or subsection (b)(3), 
     as the case may be'' in the second last sentence and 
     inserting ``section 26(a)''.

       (C) Credit for interest on certain home mortgages.--Section 
     25(e)(1)(C) of such Code is amended to read as follows:
       ``(C) Applicable tax limit.--For purposes of this 
     paragraph, the term `applicable tax limit' means the 
     limitation imposed by section 26(a) for the taxable year 
     reduced by the sum of the credits allowable under this 
     subpart (other than this section and sections 23, 25D, and 
     1400C).''.
       (D) Savers' credit.--Section 25B of such Code is amended by 
     striking subsection (g).
       (E) Residential energy efficient property.--Section 25D(c) 
     of such Code is amended to read as follows:
       ``(c) Carryforward of Unused Credit.--If the credit 
     allowable under subsection (a) exceeds the limitation imposed 
     by section 26(a) for such taxable year reduced by the sum of 
     the credits allowable under this subpart (other than this 
     section), such excess shall be carried to the succeeding 
     taxable year and added to the credit allowable under 
     subsection (a) for such succeeding taxable year.''.
       (F) Certain plug-in electric vehicles.--Section 30(c)(2) of 
     such Code is amended to read as follows:
       ``(2) Personal credit.--For purposes of this title, the 
     credit allowed under subsection (a) for any taxable year 
     (determined after application of paragraph (1)) shall be 
     treated as a credit allowable under subpart A for such 
     taxable year.''.
       (G) Alternative motor vehicle credit.--Section 30B(g)(2) of 
     such Code is amended to read as follows:
       ``(2) Personal credit.--For purposes of this title, the 
     credit allowed under subsection (a) for any taxable year 
     (determined after application of paragraph (1)) shall be 
     treated as a credit allowable under subpart A for such 
     taxable year.''.
       (H) New qualified plug-in electric vehicle credit.--Section 
     30D(c)(2) of such Code is amended to read as follows:
       ``(2) Personal credit.--For purposes of this title, the 
     credit allowed under subsection (a) for any taxable year 
     (determined after application of paragraph (1)) shall be 
     treated as a credit allowable under subpart A for such 
     taxable year.''.
       (I) Cross references.--Section 55(c)(3) of such Code is 
     amended by striking ``26(a), 30C(d)(2),'' and inserting 
     ``30C(d)(2)''.
       (J) Foreign tax credit.--Section 904 of such Code is 
     amended by striking subsection (i) and by redesignating 
     subsections (j) , (k), and (l) as subsections (i), (j), and 
     (k), respectively.
       (K) First-time home buyer credit for the district of 
     columbia.--Section 1400C(d) of such Code is amended to read 
     as follows:
       ``(d) Carryforward of Unused Credit.--If the credit 
     allowable under subsection (a) exceeds the limitation imposed 
     by section 26(a) for such taxable year reduced by the sum of 
     the credits allowable under subpart A of part IV of 
     subchapter A (other than this section and section 25D), such 
     excess shall be carried to the succeeding taxable year and 
     added to the credit allowable under subsection (a) for such 
     taxable year.''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to taxable years beginning after December 31, 
     2009.

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