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Title: Alternative Minimum Tax Adjustment Act
Vote Smart's Synopsis:
Vote to pass a bill that extends the alternative minimum tax credit and adjusts the repayment plan for nonqualified deferred compensation.
- Extends the alternative minimum tax limit for nonrefundable personal credits to 2007 and increases the amounts of exemption from $62,550 to $66,250 for joint tax returns and from $42,500 to $44,350 for individual tax returns (Secs. 101 & 102).
- Requires non-ascertainable income that is included in nonqualified deferred compensation to be taxed, when the amount can be determined, at a rate increased by the amount of interest at the underpayment rate, plus one percent on the underpayments, and an additional 20 percent of the amount of the compensation (Sec. 201).
- Requires nonqualified deferred compensation arrangements made before December 31, 2007, to be amended in a limited time to comply with the distribution date of the amounts to be included in income (Sec. 201).
- Defers treating domestic corporations that are part of a worldwide affiliated group as an individual corporation for income tax purposes until December 31, 2017 (Sec. 221).