July 19, 2007, 12:00 am ET - Amendment SA 2342 proposed by Senator Sessions to Amendment SA 2327.
July 19, 2007, 12:00 am ET - Proposed amendment SA 2342 withdrawn in Senate.
Full Text of this Amendment
At the appropriate place, insert the following:
SEC. X. ADJUSTMENTS TO INDIVIDUAL ALTERNATIVE MINIMUM TAX.
(a) Allowance of Deduction for Personal Exemptions Against Individual Alternative Minimum Tax.--
(1) IN GENERAL.--Section 56(b)(1)(E) of the Internal Revenue Code of 1986 (relating to standard deduction and deduction for personal exemptions) is amended by striking ``, the deduction for personal exemptions under section 151, and the deduction under section 642(b)''.
(2) CLERICAL AMENDMENT.--The heading for section 56(b)(1)(E) is amended by striking ``AND DEDUCTION FOR PERSONAL EXEMPTIONS''.
(3) EFFECTIVE DATE.--The amendments made by this subsection shall apply to taxable years beginning after December 31, 2006.
(b) Adjustment for Inflation of Individual Alternative Minimum Tax Exemption Amount.--Section 55(d) of the Internal Revenue Code of 1986 (relating to exemption amount) is amended by adding at the end the following new paragraph:
``(4) ADJUSTMENTS FOR INFLATION.--In the case of a taxable year beginning after December 31, 2007, each of the dollar amounts in paragraphs (1) and (3) shall be increased by an amount equal to--
``(A) such dollar amount, multiplied by
``(B) the cost-of-living adjustment determined under section (1)(f)(3) for the calendar year in which the taxable year begins, determined by substituting `calendar year 2006' for `calendar year 1992' in subparagraph (B) thereof.
If any amount as adjusted under the preceding sentence is not a multiple of $10, such amount shall be rounded to the nearest multiple of $10.''.
(As printed in the Congressional Record for the Senate on Jul 19, 2007.)