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July 19, 2007, 12:00 am ET - Proposed amendment SA 2342 withdrawn in Senate.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

SA 2342. Mr. SESSIONS submitted an amendment intended to be proposed to amendment SA 2327 proposed by Mr. KENNEDY to the bill H.R. 2669, to provide for reconciliation pursuant to section 601 of the concurrent resolution on the budget for fiscal year 2008; as follows:

At the appropriate place, insert the following:
(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.)