Home > 106th Congressional Bills > H.R. 1234 (ih) To amend the Internal Revenue Code of 1986 to repeal the excise tax on telephone and other communications services. [Introduced in House] ...

H.R. 1234 (ih) To amend the Internal Revenue Code of 1986 to repeal the excise tax on telephone and other communications services. [Introduced in House] ...


Google
 
Web GovRecords.org








108th CONGRESS
  1st Session
                                H. R. 1233

 To amend the Internal Revenue Code of 1986 to repeal the alternative 
                              minimum tax.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 12, 2003

   Mr. English (for himself, Mr. McCrery, Mr. Paul, and Mr. Herger) 
 introduced the following bill; which was referred to the Committee on 
                             Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to repeal the alternative 
                              minimum tax.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE.

    (a) Short Title.--This Act may be cited as the ``Alternative 
Minimum Tax Repeal Act of 2003''.
    (b) Amendment of 1986 Code.--Except as otherwise expressly 
provided, whenever in this Act an amendment or repeal is expressed in 
terms of an amendment to, or repeal of, a section or other provision, 
the reference shall be considered to be made to a section or other 
provision of the Internal Revenue Code of 1986.

SEC. 2. ALTERNATIVE MINIMUM TAX.

    (a) In General.--Part VI of subchapter A of chapter 1 (relating to 
alternative minimum tax) is hereby repealed.
    (b) Use of Credit for Prior Year Minimum Tax Liability.--Subsection 
(c) of section 53 is amended to read as follows:
    ``(c) Limitations.--The credit allowable under subsection (a) 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) Conforming Amendments.--
            (1) Subparagraph (B) of section 1(g)(7) (relating to 
        election to claim certain unearned income of child on parent's 
        return) is amended--
                    (A) by inserting ``and'' at the end of clause (i),
                    (B) by striking ``and'' at the end of clause (ii) 
                and inserting a period, and
                    (C) by striking clause (iii).
            (2) Subsection (d) of section 2 (relating to taxes imposed 
        on nonresident aliens) is amended by striking ``sections 1 and 
        55'' and inserting ``section 1''.
            (3) Subsection (a) of section 5 (relating to cross 
        references relating to tax on individuals) is amended by 
        striking paragraph (4).
            (4) Subsection (d) of section 11 (relating to taxes imposed 
        on foreign corporations) is amended by striking ``the taxes 
        imposed by subsection (a) and section 55'' and inserting ``the 
        tax imposed by subsection (a)''.
            (5) Section 12 (relating to cross references relating to 
        tax on corporations) is amended by striking paragraph (7).
            (6) Section 26 (relating to limitation based on tax 
        liability; definition of tax liability) is amended--
                    (A) by amending subsection (a) to read as follows:
    ``(a) Limitation Based on Amount of Tax.--The aggregate amount of 
credits allowed by this subpart for the taxable year shall not exceed 
the taxpayer's regular tax liability for the taxable year.'',
                    (B) in subsection (b)(2), by striking subparagraph 
                (A) and by redesignating subparagraphs (B) through (N) 
                as subparagraphs (A) through (M), respectively, and
                    (C) by striking subsection (c).
            (7) Paragraph (6) of section 29(b) (relating to credit for 
        producing fuel from a nonconventional source) is amended 
        striking ``the excess'' and all that follows and inserting 
        ``the regular tax for the taxable year reduced by the sum of 
        the credits allowable under subpart A and section 27.''
            (8) Paragraph (3) of section 30(b) (relating to credit for 
        qualified electric vehicles) is amended by striking ``the 
        excess'' and all that follows and inserting ``the regular tax 
        for the taxable year reduced by the sum of the credits 
        allowable under subpart A and sections 27 and 29.''
            (9) Subsection (c) of section 38 (relating to general 
        business credit) is amended--
                    (A) by striking paragraphs (1) and (2) and 
                inserting the following new paragraph:
            ``(1) In general.--The credit allowed under subsection (a) 
        for any taxable year shall not exceed the excess (if any) of--
                    ``(A) the taxpayer's net regular tax liability, 
                over
                    ``(B) 25 percent of so much of the taxpayer's net 
                regular tax liability as exceeds $25,000.
        For purposes of the preceding sentence, the term `net regular 
        tax liability' means the regular tax liability reduced by the 
        sum of the credits allowable under subparts A and B of this 
        part.'', and
                    (B) by redesignating paragraph (3) as paragraph 
                (2).
            (10) Paragraph (4) of section 45A(d) (relating to Indian 
        employment credit) is amended by striking ``for purposes'' and 
        all that follows and inserting ``for purposes of determining 
        the amount of any credit allowable under this chapter.''
            (11) Subparagraph (B) of section 45D(g)(4) (relating to new 
        markets tax credit) is amended by striking ``or for purposes of 
        section 55''.
            (12) Subsection (d) of section 53 (relating to credit for 
        prior year minimum tax liability) is amended to read as 
        follows:
    ``(d) Definitions.--For purposes of this section--
            ``(1) Net minimum tax.--The term `net minimum tax' means 
        the tax imposed by section 55.
            ``(2) Credit not allowed for exclusion preferences.--
                    ``(A) Adjusted net minimum tax.--Except as provided 
                in subparagraph (C), the adjusted net minimum tax for 
                any taxable year is--
                            ``(i) the amount of the net minimum tax for 
                        such taxable year, reduced by
                            ``(ii) the amount which would be the net 
                        minimum tax for such taxable year if the only 
                        adjustments and items of tax preference taken 
                        into account were those specified in 
                        subparagraph (B) and if section 59(a)(2) did 
                        not apply.
                    ``(B) Specified items.--The following are specified 
                in this subparagraph--
                            ``(i) the adjustments provided for in 
                        subsection (b)(1) of section 56, and
                            ``(ii) the items of tax preference 
                        described in paragraphs (1), (5) and (7) of 
                        section 57(a).
                    ``(C) Credit allowable for exclusion preferences of 
                corporations.--In the case of a corporation, the 
                adjusted net minimum tax for any taxable year is the 
                amount of the net minimum tax for such year.
            ``(3) Treatment of references.--For purposes of this 
        subsection, references to sections 55, 56, 57, and 59 shall be 
        treated as references to such sections as in effect on the day 
        before the date of the enactment of the Alternative Minimum Tax 
        Repeal Act of 2003.''.
            (13) Subsection (b) of section 59A (relating to 
        environmental tax) is amended by adding at the end the 
        following:
``For purposes of this subsection, references to sections 55 and 56 
shall be treated as references to such sections as in effect on the day 
before the date of the enactment of the Alternative Minimum Tax Repeal 
Act of 2003.''.
            (14)(A) Paragraph (2) of section 148(b) (relating to higher 
        yield investments) is amended by adding at the end the 
        following new flush sentence:
        ``Such term shall not include any tax-exempt bond.''
            (B) Paragraph (3) of section 148(b) is hereby repealed.
            (15) Subparagraph (B) of section 149(g)(3) (relating to 
        hedge bonds) is amended--
                    (A) in the heading, by striking ``bonds not subject 
                to minimum tax.--'' and inserting ``bonds.--'', and
                    (B) by striking all that follows ``invested in 
                bonds'' and inserting ``the interest on which is not 
                includible in gross income under section 103.''
            (16) Subsection (j) of section 168 (relating to accelerated 
        cost recovery system) is amended by striking paragraph (3).
            (17) Section 173 (relating to circulation expenditures) is 
        amended by striking ``(a) General Rule.--'' and by striking 
        subsection (b).
            (18) Subsection (f) of section 174 (relating to research 
        and experimental expenditures) is amended to read as follows:
    ``(f) Cross Reference.--

                                ``For adjustments to basis of property 
for amounts allowed as deductions as deferred expenses under subsection 
(b), see section 1016(a)(14).''
            (19) Subsection (c) of section 263 (relating to capital 
        expenditures) is amended by striking ``59(e) or''.
            (20) Subsection (c) of section 263A (relating to 
        capitalization and inclusion in inventory costs of certain 
        expenses) is amended by striking paragraph (6).
            (21) Section 382(l) (relating to limitation on net 
        operating loss carryforwards and certain built-in losses 
        following ownership change) is amended by striking paragraph 
(7) and by redesignating paragraph (8) as paragraph (7).
            (22) Section 443 (relating to returns for a period of less 
        than 12 months) is amended by striking subsection (d) and by 
        redesignating subsection (e) as subsection (d).
            (23) Section 616 (relating to development expenditures) is 
        amended by striking subsection (e).
            (24) Section 617 (relating to deduction and recapture of 
        certain mining exploration expenditures) is amended by striking 
        subsection (i).
            (25) Subsection (c) of section 641 (relating to imposition 
        of tax) is amended--
                    (A) in paragraph (2) by striking subparagraph (B) 
                and redesignating subparagraphs (C) and (D) as 
                subparagraphs (B) and (C), respectively, and
                    (B) in paragraph (3), by striking ``paragraph 
                (2)(C)'' and inserting ``paragraph (2)(B)''.
            (26) Subsections (b) and (c) of section 666 (relating to 
        accumulation distribution allocated to preceding years) are 
        each amended by striking ``(other than the tax imposed by 
        section 55)''.
            (27)(A) Subsection (a) of section 772 (relating to 
        simplified flow-through) is amended by striking paragraph (5) 
        and redesignating paragraphs (6), (7), (8), (9), (10), and (11) 
        as paragraphs (5), (6), (7), (8), (9), and (10), respectively.
            (B) Subsection (c) of section 772 is amended--
                    (i) in paragraph (2), by striking ``paragraphs 
                (3)(A) and (5)(A)'' and inserting ``paragraph (3)(A)'',
                    (ii) by striking paragraph (5), and
                    (iii) by redesignating paragraph (6) as paragraph 
                (5), and in that paragraph by striking ``paragraph (6) 
                of subsection (a)'' and inserting ``paragraph (5) of 
                subsection (a)''.
            (C) Subsection (d) of section 772 is amended--
                    (i) by striking paragraph (3) and redesignating 
                paragraphs (4), (5), and (6) as paragraphs (3), (4), 
                and (5), respectively, and
                    (ii) in subparagraph (A) of paragraph (3), as so 
                redesignated, by striking ``subsection (a)(11)'' and 
                inserting ``subsection (a)(10)''.
            (28) Paragraph (2) of section 815(c) (relating to 
        distributions to shareholders from pre-1984 policyholders 
        surplus account) is amended by striking the last sentence.
            (29) Section 847 (relating to special estimated tax 
        payments) is amended--
                    (A) in paragraph (9), by striking the last 
                sentence; and
                    (B) in paragraph (10), by inserting ``and'' at the 
                end of subparagraph (A), by striking subparagraph (B), 
                and by redesignating subparagraph (C) as subparagraph 
                (B).
            (30) Section 848 (relating to capitalization of certain 
        policy acquisition expenses) is amended by striking subsection 
        (i) and by redesignating subsection (j) as subsection (i).
            (31) Subsection (a) of section 860E (relating to treatment 
        of income in excess of daily accruals on residual interests) is 
        amended by striking paragraph (4).
            (32) Section 860J (relating to non-FASIT losses not to 
        offset certain FASIT inclusions) is amended by striking 
        subsection (c) and redesignating subsection (d) as subsection 
        (c).
            (33) Paragraph (1) of section 871(b) (relating to tax on 
        nonresident alien individuals) is amended by striking ``or 
        55''.
            (34) Subsection (b) of section 877 (relating to 
        expatriation to avoid tax) is amended by striking ``or 55''.
            (35) Paragraph (1) of section 882(a) (relating to tax on 
        income of foreign corporations connected with United States 
        business) is amended by striking ``55,''.
            (36) Subsection (a) of section 897 (relating to disposition 
        of investment in United States real property) is amended to 
        read as follows:
    ``(a) Treatment as Effectively Connected With United States Trade 
or Business.--For purposes of this title, gain or loss of a nonresident 
alien individual or a foreign corporation from the disposition of a 
United States real property interest shall be taken into account--
            ``(1) in the case of a nonresident alien individual, under 
        section 871(b)(1), or
            ``(2) in the case of a foreign corporation, under section 
        882(a)(1),
as if the taxpayer were engaged in a trade or business within the 
United States during the taxable year and as if such gain or loss were 
effectively connected with such trade or business.''
            (37) Subsection (k) of section 904 (relating to limitation 
        on credit) is amended to read as follows:
    ``(k) Cross Reference.--

                                ``For increase of limitation under 
subsection (a) for taxes paid with respect to amounts received which 
were included in the gross income of the taxpayer for a prior taxable 
year as a United States shareholder with respect to a controlled 
foreign corporation, see section 960(b).''
            (38) Paragraph (1) of section 962(a) (relating to election 
        by individuals to be subject to tax at corporate rates) is 
        amended--
                    (A) by striking ``sections 1 and 55'' and inserting 
                ``section 1'', and
                    (B) by striking ``sections 11 and 55'' and 
                inserting ``section 11''.
            (39) Paragraph (20) of section 1016(a) (relating to 
        adjustments to basis) is amended by inserting ``, as in effect 
        on the day before the date of the enactment of the Alternative 
        Minimum Tax Repeal Act of 2003'' after ``preferences)''.
            (40) Paragraph (4) of section 1260(b) (relating to gains 
        from constructive ownership transactions) is amended by 
        striking ``for purposes'' and all that follows and inserting 
        ``for purposes of determining the amount of any credit 

Pages: 1 2 Next >>

Other Popular 106th Congressional Bills Documents:

1 S. 400 (rfh) To provide technical corrections to the Native American Housing Assistance and Self-Determination Act of 1996, to improve the delivery of housing assistance to Indian tribes in a manner that recognizes the right of tribal self-governance, and...
2 S. 1925 (is) To promote environmental restoration around the Lake Tahoe basin. [Introduced in Senate] ...
3 H.R. 3238 (ih) To name certain facilities of the United States Postal Service in Baltimore, Maryland. [Introduced in House] ...
4 H.Con.Res. 352 (eh) [Engrossed in House] ...
5 H.Res. 615 (rh) Providing for consideration of motions to suspend the rules. [Reported in House] ...
6 S.Res. 145 (rs) Authorizing expenditures by the Committee on Commerce, Science, and Transportation. [Reported in Senate] ...
7 H.R. 1375 (ih) To amend title XVIII of the Social Security Act to reduce the maximum financial risk permitted for physicians participating in Medicare+Choice plans and encourage payment for quality. [Introduced in House] ...
8 H.Con.Res. 382 (ih) Calling on the Government of Azerbaijan to hold free and fair parliamentary elections in November 2000. [Introduced in House] ...
9 H.R. 4365 (eas) [Engrossed Amendment Senate] ...
10 H.R. 1786 (ih) To enable America's schools to use their computer hardware to increase student achievement and prepare students for the 21st century workplace. [Introduced in House] ...
11 S. 156 (is) To amend chapter 44 of title 18, United States Code, to prohibit the manufacture, transfer, or importation of .25 caliber and .32 caliber and 9 millimeter ammunition. [Introduced in Senate] ...
12 S. 1503 (rs) To amend the Ethics in Government Act of 1978 (5 U.S.C. App.) to extend the authorization of appropriations for the Office of Government Ethics through fiscal year 2003. [Reported in Senate] ...
13 H.R. 4716 (ih) To amend title 38, United States Code, to provide that the rate of reimbursement for motor vehicle travel under the beneficiary travel program of the Department of Veterans Affairs shall be the same as the rate for private vehicle reimburse...
14 H.R. 4868 (eas) Entry number Date of entry Port [Engrossed Amendment Senate] ...
15 H.R. 5234 (ih) To amend the Hmong Veterans' Naturalization Act of 2000 to extend the applicability of that Act to certain former spouses of deceased Hmong veterans. [Introduced in House] ...
16 H.R. 1191 (enr) To designate certain facilities of the United States Postal Service in Chicago, Illinois. [Enrolled bill] ...
17 H.Con.Res. 418 (ih) Expressing the sense of the Congress regarding the current level of violence between the Israelis and the Palestinians. [Introduced in House] ...
18 S. 346 (is) To amend title XIX of the Social Security Act to prohibit the recoupment of funds recovered by States from one or more tobacco manufacturers. [Introduced in Senate] ...
19 H.R. 4232 (ih) To amend title 5, United States Code, to provide for the establishment of a program under which the Government shall furnish a home computer and Internet access to each of its employees, at no cost to the employee, and for other purposes. [...
20 H.R. 3278 (ih) To amend the Federal Deposit Insurance Act and the Federal Home Loan Bank Act to provide for the payment of Financing Corporation interest obligations from balances in the deposit insurance funds in excess of a designated reserve ratio. [In...
21 H.R. 808 (ih) To extend for 3 additional months the period for which chapter 12 of title 11 of the United States Code is reenacted. [Introduced in House] ...
22 H.R. 3628 (ih) To prohibit the importation of bidi cigarettes. [Introduced in House] ...
23 H.Res. 653 (eh) [Engrossed in House] ...
24 S. 3172 (is) To provide access to affordable health care for all Americans. [Introduced in Senate] ...
25 H.Res. 575 (rh) Supporting Internet safety awareness. [Reported in House] ...
26 S. 177 (is) For the relief of Donald C. Pence. [Introduced in Senate] ...
27 H.R. 5672 (ih) To establish a commission to develop uniform standards which may be adopted by the States for the administration of elections for Federal office, and for other purposes. [Introduced in House] ...
28 H.R. 1651 (ih) To amend the Fishermen's Protective Act of 1967 to extend the period during which reimbursement may be provided to owners of United States fishing vessels for costs incurred when such a vessel is seized and detained by a foreign country. [I...
29 H.R. 4868 (eh) To amend the Harmonized Tariff Schedule of the United States to modify [Engrossed in House] ...
30 H.R. 5002 (ih) To amend title XIX of the Social Security Act to permit additional States to enter into long-term care partnerships under the Medicaid Program in order to promote the use of long-term care insurance. [Introduced in House] ...


Other Documents:

106th Congressional Bills Records and Documents

GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information.
House Rules:

104th House Rules
105th House Rules
106th House Rules

Congressional Bills:

104th Congressional Bills
105th Congressional Bills
106th Congressional Bills
107th Congressional Bills
108th Congressional Bills

Supreme Court Decisions

Supreme Court Decisions

Additional

1995 Privacy Act Documents
1997 Privacy Act Documents
1994 Unified Agenda
2004 Unified Agenda

Congressional Documents:

104th Congressional Documents
105th Congressional Documents
106th Congressional Documents
107th Congressional Documents
108th Congressional Documents

Congressional Directory:

105th Congressional Directory
106th Congressional Directory
107th Congressional Directory
108th Congressional Directory

Public Laws:

104th Congressional Public Laws
105th Congressional Public Laws
106th Congressional Public Laws
107th Congressional Public Laws
108th Congressional Public Laws

Presidential Records

1994 Presidential Documents
1995 Presidential Documents
1996 Presidential Documents
1997 Presidential Documents
1998 Presidential Documents
1999 Presidential Documents
2000 Presidential Documents
2001 Presidential Documents
2002 Presidential Documents
2003 Presidential Documents
2004 Presidential Documents

Home Executive Judicial Legislative Additional Reference About Privacy