II 
Calendar No. 1128 
110TH CONGRESS 
2D SESSION 
H. R. 7005 
IN THE SENATE OF THE UNITED STATES 
SEPTEMBER 24 (legislative day, SEPTEMBER 17), 2008 
Received 
DECEMBER 8 (legislative day, NOVEMBER 20), 2008 
Read the first time 
DECEMBER 9, 2008 
Read the second time and placed on the calendar 
AN ACT 
To amend the Internal Revenue Code of 1986 to provide 
alternative minimum tax relief for individuals for 2008. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE, ETC. 
(a) IN GENERAL.—This Act may be cited as the ‘‘Al-
ternative Minimum Tax Relief Act of 2008’’. 
(b) REFERENCE.—Except as otherwise expressly pro-
vided, whenever in this Act an amendment or repeal is 
expressed in terms of an amendment to, or repeal of, a 
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section or other provision, the reference shall be consid-
ered to be made to a section or other provision of the In-
ternal Revenue Code of 1986. 
SEC. 2. EXTENSION OF ALTERNATIVE MINIMUM TAX RE-
LIEF 
FOR 
NONREFUNDABLE 
PERSONAL 
CREDITS. 
(a) IN GENERAL.—Paragraph (2) of section 26(a) is 
amended— 
(1) by striking ‘‘or 2007’’ and inserting ‘‘2007, 
or 2008’’, and 
(2) by striking ‘‘2007’’ in the heading thereof 
and inserting ‘‘2008’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2007. 
SEC. 3. EXTENSION OF INCREASED ALTERNATIVE MIN-
IMUM TAX EXEMPTION AMOUNT. 
(a) IN GENERAL.—Paragraph (1) of section 55(d) is 
amended— 
(1) by striking ‘‘($66,250 in the case of taxable 
years beginning in 2007)’’ in subparagraph (A) and 
inserting ‘‘($69,950 in the case of taxable years be-
ginning in 2008)’’, and 
(2) by striking ‘‘($44,350 in the case of taxable 
years beginning in 2007)’’ in subparagraph (B) and 
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inserting ‘‘($46,200 in the case of taxable years be-
ginning in 2008)’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2007. 
SEC. 4. INCREASE OF AMT REFUNDABLE CREDIT AMOUNT 
FOR INDIVIDUALS WITH LONG-TERM UNUSED 
CREDITS FOR PRIOR YEAR MINIMUM TAX LI-
ABILITY, ETC. 
(a) IN GENERAL.—Paragraph (2) of section 53(e) is 
amended to read as follows: 
‘‘(2) AMT REFUNDABLE
CREDIT
AMOUNT.— 
For purposes of paragraph (1), the term ‘AMT re-
fundable credit amount’ means, with respect to any 
taxable year, the amount (not in excess of the long- 
term unused minimum tax credit for such taxable 
year) equal to the greater of— 
‘‘(A) 50 percent of the long-term unused 
minimum tax credit for such taxable year, or 
‘‘(B) the amount (if any) of the AMT re-
fundable credit amount for the taxpayer’s pre-
ceding taxable year (determined without regard 
to subsection (f)(2)).’’. 
(b) TREATMENT OF CERTAIN UNDERPAYMENTS, IN-
TEREST, AND PENALTIES ATTRIBUTABLE TO THE TREAT-
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MENT OF INCENTIVE STOCK OPTIONS.—Section 53 is 
amended by adding at the end the following new sub-
section: 
‘‘(f) TREATMENT OF CERTAIN UNDERPAYMENTS, IN-
TEREST, AND PENALTIES ATTRIBUTABLE TO THE TREAT-
MENT OF INCENTIVE STOCK OPTIONS.— 
‘‘(1) ABATEMENT.—Any underpayment of tax 
outstanding on the date of the enactment of this 
subsection which is attributable to the application of 
section 56(b)(3) for any taxable year ending before 
January 1, 2008 (and any interest or penalty with 
respect to such underpayment which is outstanding 
on such date of enactment), is hereby abated. The 
amount determined under subsection (b)(1) shall not 
include any tax abated under the preceding sentence. 
‘‘(2) INCREASE IN CREDIT FOR CERTAIN INTER-
EST AND PENALTIES ALREADY PAID.—The AMT re-
fundable credit amount, and the minimum tax credit 
determined under subsection (b), for the taxpayer’s 
first 2 taxable years beginning after December 31, 
2007, shall each be increased by 50 percent of the 
aggregate amount of the interest and penalties 
which were paid by the taxpayer before the date of 
the enactment of this subsection and which would 
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(but for such payment) have been abated under 
paragraph (1).’’. 
(c) EFFECTIVE DATE.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the amendment made by this section shall 
apply to taxable years beginning after December 31, 
2007. 
(2) ABATEMENT.—Section 53(f)(1) of the In-
ternal Revenue Code of 1986, as added by sub-
section (b), shall take effect on the date of the en-
actment of this Act. 
Passed the House of Representatives September 24, 
2008. 
Attest: 
LORRAINE C. MILLER, 
Clerk. 
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Calendar No. 1128 
110TH CONGRESS 
2D SESSION 
H. R. 7005 
AN ACT 
To amend the Internal Revenue Code of 1986 to 
provide alternative minimum tax relief for indi-
viduals for 2008. 
DECEMBER 9, 2008 
Read the second time and placed on the calendar 
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