To amend the Internal Revenue Code of 1986 to repeal the alternative minimum tax treatment of incentive stock options, thereby changing the taxable event from the exercise of the stock option to the sale of stock.

Amends the Internal Revenue Code to repeal the alternative minimum tax treatment of incentive stock options. Makes this repeal applicable to options exercised in 2000 or thereafter regardless of when such options were granted. Allows a waiver of any rule of law preventing the payment of a refund or credit resulting from the enactment of this Act if a claim for a refund or credit is made within one year after enactment.