A bill to amend the Internal Revenue Code of 1954 to modify the alternative minimum corporate tax.

Summary

Amends the Internal Revenue Code to revise the method of calculation for the alternative minimum tax on corporations. Sets the amount of such tax at 15 percent of corporate minitax taxable income. Defines "corporate minitax taxable income" as gross income for the taxable year: (1) reduced by the sum of $50,000 plus the deductions allowed for the taxable year plus the minitax net operating loss deduction; and (2) increased by the amount of corporate minitax preference items. Specifies items to be included as corporate minitax preference items. Sets forth the method of calculation for the minitax net operating loss deduction.

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Timeline

1. 14 March 1985

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 14 March 1985

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 18 March 1985

   Committee

   Committee on Finance requested executive comment from OMB, Treasury Department.

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 14 March 1985

  Open at official source

Sponsors

• Sen. Metzenbaum, Howard M. [D-OH] · D · Sponsor
• Sen. Hatfield, Mark O. [R-OR] · R · Sponsor
• Sen. Exon, J. James [D-NE] · D · Sponsor
• Sen. Cohen, William S. [R-ME] · R · Sponsor
• Sen. Proxmire, William [D-WI] · D · Sponsor
• Sen. Hart, Gary W. [D-CO] · D · Sponsor
• Sen. Burdick, Quentin N. [D-ND] · D · Cosponsor
• · ssfi00 · Standing

Related records

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