AMT Equity Act of 2007
Latest action · Dec 6, 2007 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.
- IntroducedDec 6, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Dec 6, 2007Introduced in Senate
- Dec 6, 2007Read twice and referred to the Committee on Finance.
Related bills 8
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 14 | Invest in America Act | Related bill | Apr 17, 2007 |
| S 55 | Individual Alternative Minimum Tax Repeal Act of 2007 | Related bill | Jan 4, 2007 |
| HR 1366 | Individual AMT Repeal Act of 2007 | Related bill | Mar 7, 2007 |
| S 2293 | Individual Alternative Minimum Tax Repeal Act of 2007 | Related bill | Nov 2, 2007 |
| S 2318 | AMT Repeal and Tax Freedom Act | Related bill | Nov 8, 2007 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Dec 6, 2007Introduced in Senate
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.