Alternative Minimum Tax Relief Act of 2008
Latest action · Jun 26, 2008 Received in the Senate and Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 17, 2008
- Passed HouseJun 25, 2008
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Alternative Minimum Tax Relief Act of 2008 - Title I: Individual Tax Relief - Amends the Internal Revenue Code to: (1) increase and extend through 2008 the alternative minimum tax (AMT) exemption amounts; and (2) extend through 2008 the offset of certain nonrefundable personal tax credits against regular and AMT tax liability.
Title II: Revenue Provisions- (Sec. 201) Defines an "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership about investing in, purchasing, or selling specified assets; (2) managing, acquiring, or disposing of specified assets; or (3) arranging financing with respect to acquiring specified assets.
Treats as ordinary income (i.e., income taxed at regular income tax rates) net income received by a partner from such an interest, except to the extent such income is attributable to the partner's invested capital. Sets forth rules for the treatment of losses with respect to such an interest.
Directs the Secretary of the Treasury to prescribe regulations for implementing tax rules relating to such interests. Exempts real estate investment trusts (REITs) and publicly traded partnerships from the application of ordinary income tax rules for such interests. Imposes tax penalties for underpayment of tax resulting from noncompliance with tax rules relating to such interests. Makes net income from such an interest subject to self-employment tax.
(Sec. 202) Denies any major integrated oil company (a company with an average daily worldwide production of crude oil of at least 500,000 barrels for the taxable year and gross receipts in excess of $1 billion for its last taxable year ending during calendar year 2005) a tax deduction for income attributable to the domestic production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof.
Reduces the tax deduction for income attributable to domestic production activities for taxpayers other than major integrated oil companies by 3% of the least of their: (1) oil related qualified production activities for the taxable year; (2) qualified production activities income for the taxable year; or (3) taxable income. Defines "oil related qualified production activities income" as income attributable to the production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof.
Makes such provisions effective for taxable years beginning in 2009.
(Sec. 203) Prohibits any reduction of tax withholding for payments made by a U.S. subsidiary of a foreign parent corporation to a related subsidiary in any country that has a tax treaty with the United States, except for payments made directly to the foreign parent corporation.
(Sec. 204) Requires payment settlement entities (e.g., banks and third party settlement organizations) to report identifying information and the gross amount of reportable payment transactions (i.e., payment card and third party network transactions) to the Internal Revenue Service (IRS).
(Sec. 205) Expands the continuous tax levy on payments to vendors for goods and services to include payments for all property and services.
(Sec. 206) Amends the Tax Increase Prevention and Reconciliation Act of 2005 to: (1) repeal the adjustment to the estimated tax liability of corporations with at least $1 billion in assets for the third quarter of 2012; and (2) increase the estimated tax payments of such corporations in the third quarter of 2013 by 59.5%.
Recorded votes 2
Newest first. Open one to see how every member voted.
| Roll call | Question | Result | Date |
|---|---|---|---|
| House 455 | On Passage | Passed233–189 | Jun 25, 2008 |
| House 454 | On Motion to Recommit with Instructions | Failed199–222 | Jun 25, 2008 |
Cosponsors 12
Members who signed on, in the order they did. All signed on Jun 17, 2008.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MD | Chris Van Hollen | Original | Jun 17, 2008 |
| D-OR | Earl Blumenauer | Original | Jun 17, 2008 |
| D-ND | Earl Pomeroy | Original | Jun 17, 2008 |
| D-WA | Jim McDermott | Original | Jun 17, 2008 |
| D-CT | John B. Larson | Original | Jun 17, 2008 |
| D-GA | John Lewis | Original | Jun 17, 2008 |
| D-NY | Joseph Crowley | Original | Jun 17, 2008 |
| D-FL | Kendrick B. Meek | Original | Jun 17, 2008 |
| D-MA | Richard E. Neal | Original | Jun 17, 2008 |
| D-MI | Sander M. Levin | Original | Jun 17, 2008 |
| D-NV | Shelley Berkley | Original | Jun 17, 2008 |
| D-OH | Stephanie Tubbs Jones | Original | Jun 17, 2008 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Jun 17, 2008Markup Jun 18, 2008Reported Jun 20, 2008 |
| Senate | Finance Committee | Referred Jun 26, 2008 |
Actions 19
Everything that happened, newest first.
- Jun 26, 2008Received in the Senate and Read twice and referred to the Committee on Finance.
- Jun 25, 2008Rule H. Res. 1297 passed House.
- Jun 25, 2008Considered under the provisions of rule H. Res. 1297. (consideration: CR H6031-6044; text as reported in House: CR H6031-6035)
- Jun 25, 2008Rule provides for consideration of H.R. 6275 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. The amendment in the nature of a substitute recommended by the Committee on Ways and Means now printed in the bill shall be considered as adopted.
- Jun 25, 2008DEBATE - The House proceeded with one hour of debate on H.R. 6275.
- Jun 25, 2008The previous question was ordered pursuant to the rule. (consideration: CR H6042)
- Jun 25, 2008Mr. McCrery moved to recommit with instructions to Ways and Means. (consideration: CR H6042-6043; text: CR H6042)
- Jun 25, 2008DEBATE - The House proceeded with 10 minutes of debate on the McCrery motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with amendments which add a new section providing that charitable mileage rates are treated the same as medical and moving rates.
- Jun 25, 2008The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H6043)
- Jun 25, 2008On motion to recommit with instructions Failed by the Yeas and Nays: 199 - 222 (Roll no. 454).
- Jun 25, 2008Passed/agreed to in House: On passage Passed by recorded vote: 233 - 189 (Roll no. 455). (text: CR H6035-6038)
- Jun 25, 2008Motion to reconsider laid on the table Agreed to without objection.
- Jun 24, 2008Rules Committee Resolution H. Res. 1297 Reported to House. Rule provides for consideration of H.R. 6275 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI.
- Jun 20, 2008Reported (Amended) by the Committee on Ways and Means. H. Rept. 110-728.
- Jun 20, 2008Placed on the Union Calendar, Calendar No. 463.
- Jun 18, 2008Committee Consideration and Mark-up Session Held.
- Jun 18, 2008Ordered to be Reported (Amended) by the Yeas and Nays: 22 - 16.
- Jun 17, 2008Introduced in House
- Jun 17, 2008Referred to the House Committee on Ways and Means.
In the Congressional Record 3
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Extensions | Debate and remarks E1402 | Tim Mahoney D-FL | Jul 8, 2008 |
| Extensions | Debate and remarks E1388 | Mark Udall D-CO | Jun 26, 2008 |
| House | Debate and remarks H6022–H6025, H6031–H6044Text printed H6022, H6031, H6035–H6038Amendments H6024Motions H6042Recorded votes H6029, H6030, H6043consideration (H. Res. 1297), previous questionMcCrery motion to recommit (repeal tax increases relative to pay-as-you-go compliance and increase standard mileage rate for charitable purposes) | Allyson Y. Schwartz D-PA, Bill Pascrell, Jr. D-NJ, Bob Etheridge D-NC, Charles B. Rangel D-NY, Donald A. Manzullo R-IL, Jim McCrery R-LA (motion), John Conyers, Jr. D-MI, Kendrick B. Meek D-FL, Pete Sessions R-TX (amendment), Peter Welch D-VT, Ron Kind D-WI, Rush Holt D-NJ, Sander M. Levin D-MI, Stephanie Tubbs Jones D-OH, Wally Herger R-CA | Jun 25, 2008 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimates 2
- Jun 20, 2008H.R. 6275, Alternative Minimum Tax Relief Act of 2008<p>Cost estimate for the bill as ordered reported by the Committee on Ways and Means on June 18, 2008</p>
- Jun 20, 2008H.R. 6275, Alternative Minimum Tax Relief Act of 2008Cost estimate for the bill as ordered reported by the Committee on Ways and Means on June 18, 2008
CRS reports 2
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 2
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| RS22717 | Taxation of Private Equity and Hedge Fund Partnerships: Characterization of Carried Interest Archived | Report | Mar 10, 2011 |
| RL34660 | Federal Government Debt Collection: An Overview of the Treasury Offset and Federal Payment Levy Programs Archived | Report | Sep 12, 2008 |
Amendments 1
Amendments offered to this bill.
| Amendment | Description | Offered by | Status |
|---|---|---|---|
| HAmdt 1099 | An amendment in the nature of a substitute recommended by the Committee on Ways and Means, printed in the bill, and considered as adopted pursuant to H. Res. 1297. | Rules Committee | House amendment offered |
Related bills 4
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 102 | A bill to amend the Internal Revenue Code of 1986 to extend and expand relief from the alternative minimum tax and to repeal the extension of the lower rates for capital gains and dividends for 2009 and 2010. | Related bill | Jan 4, 2007 |
| HRES 1297 | Providing for consideration of the bill (H.R. 6275) to amend the Internal Revenue Code of 1986 to provide individuals temporary relief from the alternative minimum tax, and for other purposes. | Procedurally related | Jun 25, 2008 |
| HR 5031 | Stealth Tax Relief Extension Act of 2008 | Related bill | Jan 17, 2008 |
| HR 7005 | Alternative Minimum Tax Relief Act of 2008 | Related bill | Dec 11, 2008 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to provide individuals temporary relief from the alternative minimum tax, and for other purposes.
- Short Titles as Introduced
- Alternative Minimum Tax Relief Act of 2008
- Short Titles as Passed House
- Alternative Minimum Tax Relief Act of 2008
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Capital gains tax
- Collection of accounts
- Commerce
- Corporation taxes
- Energy
- Finance and Financial Sector
- Financial services
- Foreign corporations
- Government contractors
- Government Operations and Politics
- Government paperwork
- Government procurement
- Income tax
- International Affairs
- Investment advisers
- Leases
- Losses
- Minimum tax
- Natural gas
- Partnerships
- Petroleum
- Petroleum industry
- Rent
- Tax administration
- Tax credits
- Tax deductions
- Tax exemption
- Tax penalties
- Tax returns
- Tax treaties
- Taxation
- Taxation of foreign income
- Withholding tax
Text 4
Each version as it was printed, newest first.
- Jun 26, 2008Referred in Senate
- Jun 25, 2008Engrossed in House
- Jun 20, 2008Reported in House
- Jun 17, 2008Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
