I 
108TH CONGRESS 
1ST SESSION 
H. R. 43
To amend the Internal Revenue Code of 1986 to repeal the alternative 
minimum tax on corporations and individuals. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 7, 2003
Mr. COLLINS 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 repeal 
the alternative minimum tax on corporations and individuals.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Alternative Minimum 
Tax Repeal Act of 2003’’.
SEC. 2. REPEAL OF ALTERNATIVE MINIMUM TAX ON COR-
PORATIONS. 
(a) IN GENERAL.—Subsection (a) of section 55 of the 
Internal Revenue Code of 1986 is amended by adding at 
the end the following new sentence:
‘‘No tax shall be imposed by this section on any corpora-
tion for any taxable year beginning after December 31, 
2002, and the tentative minimum tax of any corporation 
for any such taxable year shall be zero for purposes of 
this title.’’
(b) LIMITATION
ON USE
OF CREDIT
FOR PRIOR 
YEAR MINIMUM TAX LIABILITY.—Subsection (c) of sec-
tion 53 of such Code is amended to read as follows: 
‘‘(c) LIMITATION.—
‘‘(1) IN GENERAL.—Except as otherwise pro-
vided in this subsection, 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 tax-
payer 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) CORPORATIONS.—In the case of corpora-
tion for any taxable year beginning after December 
31, 2002, the limitation under paragraph (1) shall 
be determined—
‘‘(A) without regard to the last sentence of 
section 55(a), and
(A) by striking ‘‘$45,000 ($49,000 in the 
case of taxable years beginning in 2001, 2002, 
2003, and 2004)’’ and inserting ‘‘$52,000’’, 
(B) by striking ‘‘$33,750 ($37,750 in the 
case of taxable years beginning in 2001, 2002, 
2003, and 2004)’’ and inserting ‘‘$38,000’’, 
and 
(C) by striking ‘‘$22,500’’ and inserting 
‘‘1⁄2 the amount applicable under subparagraph 
(A)’’. 
(2) ADDITIONAL
INCREASES
IN
EXEMPTION 
AMOUNTS; REPEAL OF PHASE-OUT OF EXEMPTION 
AMOUNTS.—Paragraph (3) of section 55(d) of such 
Code is amended to read as follows: 
‘‘(3) INCREASES IN EXEMPTION AMOUNTS FOR 
TAXPAYERS OTHER THAN CORPORATIONS.—
‘‘(A) 
IN
GENERAL.—The 
exemption 
amounts under paragraph (1) for taxable years 
beginning in any calendar year after 2003 shall 
be determined by increasing the dollar amounts 
contained in subparagraphs (A) and (B) of 
paragraph (1) by the applicable percentage for 
such calendar year of such dollar amounts. 
‘‘(B) 
APPLICABLE
PERCENTAGE.—For 
purposes of subparagraph (A), the applicable
percentage shall be determined in accordance 
with the following table:
‘‘For calendar year—
The applicable 
percentage is—
2004 .............................................................................
2005 .............................................................................
2006 .............................................................................
2007 .............................................................................
2008 .............................................................................
2009 .............................................................................
2010 .............................................................................
2011 .............................................................................
2012 .............................................................................
90.
‘‘(C) ROUNDING.—If any amount, as in-
creased under subparagraph (A) is not a mul-
tiple of $5, such amount shall be increased to 
the nearest multiple of $5.’’
(c) NONREFUNDABLE PERSONAL CREDITS FULLY 
ALLOWED AGAINST REGULAR TAX LIABILITY.—
(1) IN GENERAL.—Subsection (a) of section 26 
of such Code (relating to limitation based on amount 
of tax) 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 allow-
able under section 27(a), and 
‘‘(2) the tax imposed by section 55(a) for the 
taxable year.’’.
(2) CONFORMING
AMENDMENT.—Section 904 
of such Code is amended by striking subsection (h). 
(d) LIMITATION ON USE OF CREDIT FOR PRIOR 
YEAR MINIMUM TAX LIABILITY.—Subsection (c) of sec-
tion 53 of such Code, as amended by section 1, is amended 
by adding at the end the following new paragraph: 
‘‘(3) INDIVIDUALS FOR TAXABLE YEARS BEGIN-
NING AFTER 2012.—In the case of any taxable year 
beginning after 2012, the credit allowable under 
subsection (a) to a taxpayer other than a corpora-
tion for any taxable year shall not exceed 90 percent 
of the excess (if any) of—
‘‘(A) regular tax liability of the taxpayer 
for such taxable year, over 
‘‘(B) the sum of the credits allowable 
under subparts A, B, D, E, and F of this 
part.’’. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2002.
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