H.R. 1599 · 109th Congress

To amend the Internal Revenue Code of 1986 to extend for two years the higher exemption amounts under the alternative minimum tax for individuals and to adjust the exemption amounts and phaseout thresholds in the alternative minimum tax for inflation.

Stage
In committee
Introduced
2005-04-13
Latest action
2005-04-13 · Introduced in House

Summary

Amends the Internal Revenue Code to: (1) extend the increased exemption from the alternative minimum tax for individual taxpayers for two additional years; and (2) adjust for inflation such increased exemption amounts, the exemption amount for corporations, and the phaseout thresholds applicable to individual taxpayers with certain levels of alternative minimum taxable income.