H.R. 4227 (rh) To amend the Immigration and Nationality Act with respect to the number [Reported in House] ...

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108th CONGRESS
  2d Session
                                H. R. 4227

   To amend the Internal Revenue Code of 1986 to extend to 2005 the 
alternative minimum tax relief available in 2003 and 2004 and to index 
                       such relief for inflation.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 28, 2004

 Mr. Simmons (for himself, Mrs. Johnson of Connecticut, Mr. Shays, Mr. 
  Pickering, Mr. Akin, Mr. Hayworth, and Mr. Brown of South Carolina) 
 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 extend to 2005 the 
alternative minimum tax relief available in 2003 and 2004 and to index 
                       such relief for inflation.

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

SECTION 1. SHORT TITLE.

    This Act may be cited at the ``Middle-Class Alternative Minimum Tax 
Relief Act of 2004''.

SEC. 2. EXTENSION OF ALTERNATIVE MINIMUM TAX RELIEF TO 2005.

    (a) In General.--Subparagraphs (A) and (B) of section 55(d)(1) of 
the Internal Revenue Code of 1986 are each amended by striking ``and 
2004'' and inserting ``, 2004, and 2005''.
    (b) Inflation Adjustment.--Subsection (d) of section 55 of such 
Code is amended by inserting after paragraph (3) the following new 
paragraph:
            ``(4) Inflation adjustment.--
                    ``(A) In general.--In the case of any taxable year 
                beginning in calendar year 2005, the $58,000 amount 
                contained in paragraph (1)(A) and the $40,250 amount 
                contained in paragraph (1)(B) shall each be increased 
                by an amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for the 
                        calendar year in which the taxable year begins, 
                        determined by substituting `2003' for `1992' in 
                        subparagraph (B) thereof.
                    ``(B) Rounding.--Any increase determined under 
                subparagraph (A) which is not a multiple of $50 shall 
                be rounded to the next lowest multiple of $50.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2004.
                                 <all>

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