H.R.240 Individual AMT Repeal Act FULL TEXT

H.R.240 -- Individual AMT Repeal Act FULL TEXT

Rep. Garrett Seeks Cosponsors to Abolish the Alternative Minimum Tax

Washington, Sep 22 - Unless Congress acts before the end of the year, the number of people who will have to pay the Alternative Minimum Tax (AMT) will skyrocket from about 4.5 million taxpayers in 2009, to an estimated 27 million taxpayers in 2010. While Congress has traditionally stepped in to pass an AMT "patch" that prevents the number of AMT filers from skyrocketing, no action has been taken yet this year. Even with the patch, the AMT remains "America's most hated, ineffective, insidious tax." The best way to deal with the AMT is to end it once and for all, which is what H.R. 240, the Individual AMT Repeal Act would do. ###

H.R.240 Title: Individual AMT Repeal Act of 2009 Sponsor: Rep Garrett, Scott [NJ-5] (introduced 1/7/2009) Cosponsors (52) Latest Major Action: 1/7/2009 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

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H.R.240 -- Individual AMT Repeal Act of 2009 (Introduced in House - IH)

HR 240 IH 111th CONGRESS 1st Session H. R. 240

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

IN THE HOUSE OF REPRESENTATIVES January 7, 2009

Mr. GARRETT of New Jersey 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 on individuals.

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 `Individual AMT Repeal Act of 2009'.

SEC. 2. 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:

`Except in the case of a corporation, no tax shall be imposed by this section for any taxable year beginning after December 31, 2008, and the tentative minimum tax of any taxpayer other than a corporation for any such taxable year shall be zero for purposes of this title.'.

(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2008.

H.R.240 -- Individual AMT Repeal Act FULL TEXT IN PDF FORMAT