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July 19, 2007, 12:00 am ET - Amendment SA 2353 proposed by Senator Kyl to Amendment SA 2327.
July 20, 2007, 12:00 am ET - Amendment SA 2353 ruled out of order by the chair.
July 20, 2007, 12:00 am ET - Point of order raised in Senate with respect to amendment SA 2353.
July 20, 2007, 12:18 am ET - Motion to Waive C.B.A. re: Kyl Amdt. No. 2353

Full Text of this Amendment

SA 2353. Mr. KYL 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:
SEC. X. REPEAL OF INDIVIDUAL ALTERNATIVE MINIMUM TAX.
(a) In General.--Section 55(a) of the Internal Revenue Code of 1986 (relating to alternative minimum tax imposed) is amended by adding at the end the following new flush sentence:
``For purposes of this title, the tentative minimum tax on any taxpayer other than a corporation for any taxable year beginning after December 31, 2007, shall be zero.''.
(b) Modification of Limitation on Use of Credit for Prior Year Minimum Tax Liability.--Subsection (c) of section 53 of the Internal Revenue Code of 1986 (relating to credit for prior year minimum tax liability) is amended to read as follows:
``(c) Limitation.--
``(1) IN GENERAL.--Except as provided in paragraph (2), the credit allowable under subsection (a) for any taxable year shall not exceed the excess (if any) of--
``(A) the regular tax liability of the taxpayer for such taxable year reduced by the sum of the credits allowable under subparts A, B, D, E, and F of this part, over
``(B) the tentative minimum tax for the taxable year.
``(2) TAXABLE YEARS BEGINNING AFTER 2007.--In the case of any taxable year beginning after 2007, the credit allowable under subsection (a) to a taxpayer other than a corporation for any taxable year shall not exceed 90 percent of the regular tax liability of the taxpayer for such taxable year reduced by the sum of the credits allowable under subparts A, B, D, E, and F of this part.''.
(c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2007.


(As printed in the Congressional Record for the Senate on Jul 19, 2007.)