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S 2432 110th Congress Senate Taxation Capital gains tax Income tax Minimum tax Tax credits Tax exemption Tax penalties Tax rates

AMT Equity Act of 2007

Introduced: December 6, 2007 Introduced by: Whitehouse, Sheldon Democratic · Rhode Island See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 6, 2007
Read twice and referred to the Committee on Finance.
Dec 6, 2007
Introduced in Senate
 Plain-English summary Congressional Research Service

AMT Equity Act of 2007 - Amends the Internal Revenue Code to extend through 2007: (1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liability; and (2) the increased AMT exemption amounts. Repeals, for taxable years beginning in 2007, the AMT for individual taxpayers whose adjusted gross income does not exceed $100,000 ($200,000 in the case of a joint return).

Imposes, for taxable years beginning in 2007, a graduated increase in capital gains tax rates for any individual taxpayer whose adjusted gross income exceeds $1 million ($2 million in the case of a joint return). Exempts such a taxpayer from any estimated tax penalties resulting from an increase in capital gains tax rates in 2007.

What's happening now December 6, 2007

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1