H.R. 7005 · 110th Congress
Alternative Minimum Tax Relief Act of 2008
- Stage
- Did not pass
- Sponsor
- Charlie Rangel
- Introduced
- 2008-09-23
- Latest action
- 2008-12-11 · Cloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 52 - 35. Record Vote Number: 215.
Summary
(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.