Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that raises taxes on certain oil, investment, and credit companies and increases alternative minimum tax (AMT) exemptions.

Highlights:

• Raises the AMT exemption amount for taxpayers other than corporations from $66,250 to $66,950 for an individual filing a joint return or who is a surviving spouse and lowers the AMT from $44,350 to $46,200 for an individual who is not married and is not a surviving spouse, for the taxable years beginning with 2008 (Sec. 101).

• Adds receipts from the domestic production, refining, processing, transportation, or distribution of oil and gas or their primary products to the taxable income of major integrated oil companies (Sec. 202).

• Increases the penalty for underpayment of tax required in cases of property transferred for investment management services from a fine of 20 percent to 40 percent of the underpayment amount (Sec. 201).

• Lowers the domestic production income tax deduction for oil producers that are not major integrated oil companies (Sec. 202).

• Prohibits treaties from reducing the withholding tax for payments between members of the same foreign controlled group of entities in certain circumstances (Sec. 203).

• Provides that a credit card company's transactions with a payee be reported to the Internal Revenue Service (IRS) beginning in the 2011 calendar year if the company had more than 200 total transactions and the total amount reported exceeds $10,000 (Sec. 204).

• Decreases the amount for required installment of corporate estimated tax due in 2012 from 106.25 to 100 percent and increases the amount for 2013 from 100.75 to 161.25 percent for corporations with at least $1 billion in assets (Sec. 206).

Full Bill Text

Full Bill Text