Alternative Minimum Tax Relief Act of 2008

Bill: 110-hr-7005
Sponsor: Rep. Rangel, Charles B. [D-NY-15]
Introduced: 2008-09-23 in the House
Policy area: Taxation
Subjects: Employee stock options
Finance and Financial Sector
Income tax
Labor and Employment
Minimum tax
Tax credits
Tax exemption
Tax refunds

Summary:
action_date: 2008-09-23
text: 
Alternative Minimum Tax Relief Act of 2008 - Amends the Internal Revenue Code to extend through 2008 for individual taxpayers: (1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liability; and (2) the increased alternative minimum tax (AMT) exemption amounts.

Increases the alternative minimum tax (AMT) refundable credit amount for individuals who have long-term unused minimum tax credits from prior taxable years. Abates any underpayment of tax attributable to the application of special AMT rules for the treatment of incentive stock options.

action_date: 2008-09-24
text: 

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Alternative Minimum Tax Relief Act of 2008 - Amends the Internal Revenue Code to extend through 2008 for individual taxpayers: (1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liability; and (2) the increased alternative minimum tax (AMT) exemption amounts.

Increases the alternative minimum tax (AMT) refundable credit amount for individuals who have long-term unused minimum tax credits from prior taxable years. Abates any underpayment of tax attributable to the application of special AMT rules for the treatment of incentive stock options.


Legislative actions:
action_date: 2008-12-11
text: Motion by Senator Reid to reconsider the vote by which cloture on the motion to proceed to the measure (Record Vote No. 215] was not invoked entered in Senate. (consideration: CR S10931)
action_date: 2008-12-11
text: Cloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 52 - 35. Record Vote Number: 215. (consideration: CR S10931; text: CR S10931)
action_date: 2008-12-10
text: Cloture motion on the motion to proceed to the measure presented in Senate. (consideration: CR S10859; text: CR S10859)
action_date: 2008-12-10
text: Motion to proceed to consideration of measure made in Senate. (consideration: CR S10859)
action_date: 2008-12-09
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 1128.
action_date: 2008-12-08
text: Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
action_date: 2008-09-24
text: Received in the Senate.
action_date: 2008-09-24
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2008-09-24
text: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 393 - 30 (Roll no. 634). (text: CR H9306-9307)
action_date: 2008-09-24
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 393 - 30 (Roll no. 634).(text: CR H9306-9307)
action_date: 2008-09-24
text: Considered as unfinished business. (consideration: CR H9364-9365)
action_date: 2008-09-24
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2008-09-24
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 7005.
action_date: 2008-09-24
text: Considered under suspension of the rules. (consideration: CR H9306-9311)
action_date: 2008-09-24
text: Mr. Neal (MA) moved to suspend the rules and pass the bill.
action_date: 2008-09-23
text: Referred to the House Committee on Ways and Means.
action_date: 2008-09-23
text: Introduced in House
action_date: 2008-09-23
text: Introduced in House