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United States · Bill · HR

H.R. 4351 (110th)

AMT Relief Act of 2007

referredUnited States· United States Congress· EN

Introduced

11 December 2007

Last action

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Status

Read twice and referred to the Committee on Finance.

Sponsors

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Subjects

Discovery layer

Source updated

7 April 2025

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Summary

AMT Relief Act of 2007 - Amends the Internal Revenue Code to extend through 2007 for individual taxpayers: (1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liability; and (2) the increased AMT exemption amounts. Increases the AMT refundable credit amount for individual taxpayers with long-term unused tax credits in prior taxable years. Abates any underpayment of tax and related interest and penalties attributable to the application of special AMT rules for the treatment of incentive stock options. Lowers in 2008 (from $10,000 to $8,500) the earned income threshold amount for determining the refundable portion of the child tax credit. Requires the inclusion in gross income for income tax purposes of employee compensation deferred under a nonqualified deferred compensation plan of a nonqualified entity when there is no substantial risk of forfeiture of the rights to such compensation. Defines "nonqualified entity" as any foreign corporation unless substantially all of its income is: (1) effectively connected with a trade or business in the United States; or (2) subject to a comprehensive foreign income tax. Includes certain partnerships within such definition. Sets forth definitions and rules for the application of the economic substance doctrine to transactions affecting tax liabilities. Provides for enhanced penalties for underpayments of tax attributable to transactions lacking in economic substance. Delays until 2018 the application of special rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit. Increases or provides additional penalties for failures to file certain individual, partnership, and S corporation tax returns. Increases certain estimated tax payments for corporations with assets of at least $1 billion.

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Documents

8 official files

Referred in Senate (text)

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