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[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4288 Introduced in House (IH)]

108th CONGRESS
  2d Session
                                H. R. 4288

 To amend the Internal Revenue Code of 1986 to increase the exemption 
       amounts for individuals under the alternative minimum tax.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                              May 5, 2004

  Mr. Israel introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL

 
 To amend the Internal Revenue Code of 1986 to increase the exemption 
       amounts for individuals under the alternative minimum tax.

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

SECTION 1. INCREASE IN EXEMPTION AMOUNTS FOR INDIVIDUALS UNDER 
              ALTERNATIVE MINIMUM TAX.

    (a) In General.--Paragraph (1) of section 55(d) of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking ``$45,000 ($58,000 in the case of taxable 
        years beginning in 2003 and 2004)'' and inserting ``$100,000'', 
        and
            (2) by striking ``$33,750 ($40,250 in the case of taxable 
        years beginning in 2003 and 2004)'' and inserting ``75 percent 
        of the dollar amount applicable under subparagraph (A)''.
    (b) Increase in Threshold for Phasing Out Exemption Amount.--
Subparagraphs (A), (B), and (C) of section 55(d)(3) of such Code are 
amended to read as follows:
                    ``(A) $250,000 in the case of a taxpayer described 
                in paragraph (1)(A) or (2), and
                    ``(B) 50 percent of the dollar amount applicable 
                under subparagraph (A) in the case of a taxpayer 
                described in subparagraph (B), (C), or (D) of paragraph 
                (1).''
    (c) Increase in Rate of Phase-out of Exemption Amount.--Paragraph 
(3) of section 55(d) of such Code is amended by striking ``25 percent'' 
and inserting ``50 percent''.
    (d) Inflation Adjustment of Exemption and Threshold Amounts.--
Subsection (d) of section 55 of such Code is amended by adding at the 
end the following new paragraph:
            ``(4) Inflation adjustment of exemption and threshold 
        amounts for individuals.--In the case of any taxable year 
        beginning in a calendar year after 2005, each of the dollar 
        amounts set forth in paragraphs (1)(A) and (3)(A) shall 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 such calendar year by 
                substituting `calendar year 2004' for `calendar year 
                1992' in subparagraph (B) thereof.
If any amount as adjusted under the preceding sentence is not a 
multiple of $1,000, such amount shall be rounded to the nearest 
multiple of $1,000.''.
    (e) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
    (f) Coordination With Sunset of Benefits.--Title IX of the Economic 
Growth and Tax Relief Reconciliation Act of 2001 shall not apply to the 
amendments made by this section.
                                 <all>
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