ReformAMT supports legislation that:
- Make the Minimum Tax Credit a fully refundable credit in the year the stock is sold
- Exempt the Incentive Stock Option gain on exercise from the Alternative Minimum Tax
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There are many bills in progress that are being reviewed and monitored. ReformAMT urges you to follow along with their progress and write to the Ways and Means Committee, as well as your local representatives.
| Bill |
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Introduced |
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Status |
| S 2389 |
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11/20/2007 |
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Referred to Senate Finance Committee |
| HR 3861 |
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10/16/2007 |
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Referred to Ways & Means Committee |
| HR 3385 |
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07/21/2005 |
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Referred to Ways & Means Committee |
| S 1103 |
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05/23/2005 |
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Referred to Senate Finance Committee |
| HR 1538 |
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04/08/2005 |
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Referred to Ways & Means Committee |
| HR 1186 |
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03/09/2005 |
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Referred to Ways & Means Committee |
| HR 5141 |
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09/23/2004 |
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Referred to Ways & Means Committee |
| HR 4227 |
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04/28/2004 |
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Referred to Ways & Means Committee |
| HR 3806 |
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02/11/2004 |
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Referred to Ways & Means Committee |
| S 503 |
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3/04/2003 |
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Referred to Senate Finance Committee |
| HR 433 |
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1/28/2003 |
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Referred to Ways & Means Committee |
| HR 5398 |
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9/18/2002 |
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Referred to Ways & Means Committee |
| HR 2794 |
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8/02/2001 |
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Referred to Ways & Means Committee |
| S 1324 |
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8/02/2001 |
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Referred to Senate Finance Committee |
| HR 1487 |
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4/04/2001 |
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Referred to Ways & Means Committee |
| HR 437 |
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2/06/2001 |
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Referred to Ways & Means Committee |
| HR 275 |
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1/30/2001 |
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Referred to Ways & Means Committee |
| S 1142 |
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6/29/2001 |
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Referred to Senate Finance Committee |
| S 492 |
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3/08/2001 |
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Referred to Senate Finance Committee |
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AMT Bills Introduced by Senate Finance Committee Members
- S 2389 Senate peer legislation to HR 3861. Enhances HR 3385 which was signed into law by removing income caps, accelerating return of credits to 2 years (as opposed to 5), abate penalities and interest, and converts paid penalties and interest into AMT credits for refund.
- S 1103 A bill to amend the Internal Revenue Code of 1986 to repeal the individual alternative minimum tax.
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AMT Bills Introduced by Ways and Means Committee Members
- HR 3861 Enhances HR 3385 which was signed into law by removing income caps, accelerating return of credits to 2 years (as opposed to 5), abate penalities and interest, and converts paid penalties and interest into AMT credits for refund.
- HR 3385 To amend the Internal Revenue Code of 1986 to make the credit for prior year minimum tax liability refundable for individuals after a period of years, to require returns with respect to certain stock options, and for other purposes.
- HR 1538 To amend the Internal Revenue Code of 1986 to increase the exemption amounts for individuals under the alternative minimum tax.
- HR 1186 To repeal individual and corporate AMT.
- HR 5141 To amend the Internal Revenue Code of 1986 to repeal the alternative minimum tax treatment of incentive stock options, thereby changing the taxable event from the exercise of the stock option to the sale of stock.
- HR 4227 To amend the Internal Revenue Code of 1986 to extend to 2005 the alternative minimum tax relief available in 2003 and 2004 and to index such relief for inflation.
- A Senate peer bill to
HR 433
was introduced 3/04/03. The Bill number is
S 503
description. These two bills are small and narrow fixes but it is
a good start (established beachhead) if we can get these bills passed. It is
way too early to say, but the politics look good, I'll explain later in this message.
There is also a possibility that the scope and language of the existing bills maybe
broaden or narrowed as the political process takes its course.
- Congressman Sam Johnson (R-TX) introduces
first AMT/ISO reform
bill of new 108th Congress,
HR 433
- Sam Johnson
(R-Plano, TX) introduced
HR 5398
that will make great strides in addressing the AMT problem. This bill is
a positive measure to address the problem created by the
Alternative Minimum Tax treatment of Incentive Stock Options.
HR 5398 will significantly help thousands of hardworking Americans
who exercised Incentive Stock Options in recent years, yet it is important
to know that HR 5398 does not retroactively cut the AMT pre-payment
of tax on ISOs.
- Mac Collins (R-Columbus, GA) introduced HR 871 to phaseout AMT in 2011 and increase the AMT exemption 10% in 2002, 20% in 2003... Too slow to help us much.
- Philip M. Crane (R-Illinois) introduced HR 873 to reduce AMT tax rate to 25% and change regular income tax to match the Bush plan.
- Amo Houghton (R-Corning, NY) introduced HR 1600 to repeal limitations on use of foreign tax credits under AMT. This bill has a great cosponsor list with bipartisan support.
- Philip S. English (R-Erie, PA) introduced HR 437 to eliminate both corporate and individual AMT retroactive to the start of 2001. Corporate AMT has hurt the steel industry in his district.
- Sam Johnson (R-Plano, TX) introduced HR 275 to eliminate individual AMT retroactive to start of 2001 plus eliminate AGI limitations on itemized deductions, personal exemptions, and child tax credit. Primary motivation seems to be tax simplification.
- Richard E. Neal (D-Springfield, MA) introduced HR 468 to repeal AMT limitations on use of child tax credits and HR 596 to allow individuals to claim their personal exemption under AMT.
- Charles B. Rangel (D-Harlem, NY) introduced HR 1196 to allow State and local taxes to be deducted in computing the alternative minimum tax.
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General information sites
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