H.R. 462 (ih) To amend the Federal Election Campaign Act of 1971 to control House of Representatives campaign spending, and for other purposes. ...

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108th CONGRESS
  2d Session
                                H. R. 4629

 To amend the Internal Revenue Code of 1986 to modify the alternative 
 minimum tax on individuals by permitting the deduction for State and 
     local taxes and to adjust the exemption amounts for inflation.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 21, 2004

 Mr. Garrett of New Jersey (for himself, Mr. Feeney, Mr. Chocola, Mr. 
 Wilson of South Carolina, Mr. Shadegg, Mr. Hostettler, Mr. Pence, Mr. 
 Franks of Arizona, Mr. Istook, Mrs. Cubin, Mr. Goode, Mr. Doolittle, 
 Mr. Burton of Indiana, Mr. Kingston, Mr. Norwood, Mrs. Musgrave, Mr. 
Weldon of Florida, Mr. English, Mr. Paul, Mr. Wolf, Mr. Souder, and Mr. 
   Isakson) 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 modify the alternative 
 minimum tax on individuals by permitting the deduction for State and 
     local taxes and to adjust the exemption amounts 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 as the ``AMT Middle Class Fairness Act of 
2004''.

SEC. 2. MODIFICATIONS TO ALTERNATIVE MINIMUM TAX ON INDIVIDUALS.

    (a) Repeal of Limit on Deduction for State and Local Taxes.--
Subparagraph (A) of section 56(b)(1) of the Internal Revenue Code of 
1986 is amended to read as follows:
                    ``(A) In general.--No deduction shall be allowed 
                for any miscellaneous itemized deduction (as defined in 
                section 67(b)).''.
    (b) Adjustment for Inflation.--Subsection (d) of section 55 of such 
Code is amended by adding at the end the following new paragraph:
            ``(4) Inflation adjustment.--
                    ``(A) In general.--In the case of a taxable year 
                beginning in a calendar year after 2004, each of the 
                dollar amounts contained in subparagraphs (A) and (B) 
                of paragraph (1) shall 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 `calendar year 2003' 
                        for `calendar year 1992' in subparagraph (B) 
                        thereof.
                    ``(B) Rounding.--Any increase determined under 
                subparagraph (A) shall be rounded to the nearest 
                multiple of $100.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2004.
                                 <all>

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