Real AMT Relief Act of 2001

Fact Sheet API

Bill Number

S 616

Introduced

Mar 26, 2001

Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2899-2900)

Sponsor

Cosponsors

Topics

Agriculture and Food Business income tax Commerce Corporation taxes Families Farm income Income tax Minimum tax Personal income tax Small business Tax administration Tax credits Tax cuts Tax rates Taxation

Full Text

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Votes

Summary

Real AMT Relief Act of 2001 - Amends the Internal Revenue Code to provide for a graduated phaseout of the alternative minimum tax (AMT) on individuals (such tax to be eliminated for individuals as of 2005). Provides for coordination with: (1) income averaging for farmers; and (2) the child care credit.

Increases the gross receipts test, including the first three-year period, for the small corporation AMT exemption.

Actions

Mar 26, 2001

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2899-2900)
Mar 26, 2001

Sponsor introductory remarks on measure. (CR S2899)
Mar 26, 2001

Introduced in Senate

Amendments

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