Latest Action: 12/11/2008 - Cloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 52 - 35. Record Vote Number: 215. (consideration: CR S10931; text: CR S10931) Bill TextTo amend the Internal Revenue Code of 1986 to provide alternative minimum tax relief for individuals for 2008. 9/24/2008--Passed House without amendment. (There is 1 other summary) (This measure has not been amended since it was introduced. The summary of that version is repeated here.) Alternative Minimum Tax Relief Act of 2008 - Amends the Internal Revenue Code to extend through 2008 for individual taxpayers: (1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liability; and (2) the increased alternative minimum tax (AMT) exemption amounts. Increases the alternative minimum tax (AMT) refundable credit amount for individuals who have long-term unused minimum tax credits from prior taxable years. Abates any underpayment of tax attributable to the application of special AMT rules for the treatment of incentive stock options.
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Latest Action: 09/29/2008 - Message on Senate action sent to the House. Bill TextTo amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes. 9/23/2008--Passed Senate amended. (There are 3 other summaries) Energy Improvement and Extension Act of 2008 - Amends the Internal Revenue Code to extend and modify expiring provisions related to energy production and conservation and to provide for revenue enhancements.Title I: Energy Production Incentives - Subtitle A: Renewable Energy Incentives - (Sec. 101) Extends the tax credit for the production of electricity from renewable resources: (1) through 2009 for wind and refined coal facilities; and (2) through 2010 for closed and open-loop biomass, geothermal or solar energy, small irrigation power, landfill gas, trash combustion, and hydropower facilities. Modifies tax credit rules for refined coal, trash, and biomass [...] show full description
Latest Action: 04/24/2008 - Referred to the House Committee on Education and Labor. Bill TextExpressing continued support for employee stock ownership plans. 4/24/2008--Introduced. Expresses Congress's continued support for employee stock ownership plans.
Also tagged in: Administrative procedure, Business, Children, Corporation taxes, Department of the Treasury, Executive departments, Families, Finance, Foreign corporations, Foreign tax credit, Income tax, Interest, Labor, Law, Minimum tax, Partnerships, Pensions, Small business, Tax administration, Tax credits, Tax evasion, Tax exemption, Tax penalties, Tax refunds, Tax returns, Tax-deferred compensation plans, Taxation, Taxation of foreign income, Trade
Latest Action: 01/22/2008 - Read twice and referred to the Committee on Finance. Bill TextTo amend the Internal Revenue Code of 1986 to provide individuals temporary relief from the alternative minimum tax, and for other purposes. 12/12/2007--Passed House without amendment. (There is 1 other summary) (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)AMT Relief Act of 2007 - Title I: Individual Tax Relief - (Sec. 101) Amends the Internal Revenue Code to extend through 2007 for individual taxpayers: (1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liability; and (2) the increased AMT exemption amounts.(Sec. 103) Increases the AMT refundable credit amount for individual taxpayers with long-term unused tax credits in prior taxable years. Abates any underpayment of tax and related interest and penalties attributable to the application of special AMT rules for the treatment of incentive [...] show full description
Latest Action: 11/16/2007 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend the Internal Revenue Code of 1986 to increase the alternative minimum tax credit amount for individuals with long-term unused credits for prior year minimum tax liability, and for other purposes. 11/16/2007--Introduced. Amends the Internal Revenue Code to: (1) increase the alternative minimum tax (AMT) refundable credit amount for individuals who have long-term unused minimum tax credits from prior taxable years; and (2) abate any underpayment of tax attributable to the application of special AMT rules for the treatment of incentive stock options.
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Latest Action: 12/26/2007 - Became Public Law No: 110-166. Bill TextTo amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes. 12/26/2007--Public Law. (There are 3 other summaries) (This measure has not been amended since it was passed by the Senate on December 6, 2007. The summary of that version is repeated here.) Tax Increase Prevention Act of 2007 - Amends the Internal Revenue Code to extend through 2007 for individual taxpayers: (1) the increased alternative minimum tax (AMT) exemption amounts; and (2) the offset of nonrefundable personal tax credits against regular and AMT liability.
Latest Action: 10/16/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to increase the AMT refundable credit amount for individuals with long-term unused credits for prior year minimum tax liability, and for other purposes. 10/16/2007--Introduced. AMT Credit Fairness and Relief Act of 2007 - Amends the Internal Revenue Code to: (1) increase the alternative minimum tax (AMT) refundable credit amount for individuals who have long-term unused minimum tax credits from prior taxable years; and (2) abate any underpayment of tax attributable to the application of special AMT rules for the treatment of incentive stock options.
Latest Action: 09/28/2007 - Sponsor introductory remarks on measure. (CR S12335-12339) Bill TextA bill to amend the Internal Revenue Code of 1986 to provide that corporate tax benefits based upon stock option compensation expenses be consistent with accounting expenses shown in corporate financial statements for such compensation. 9/28/2007--Introduced. Ending Corporate Tax Favors for Stock Options Act - Amends the Internal Revenue Code to: (1) limit the employer tax deduction for stock options granted to its employees to the value of such options as recorded on the employer's books at the time such options are granted; and (2) apply the $1 million limitation on the employer tax deduction for employee remuneration to stock option compensation.
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