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[DOCID: f:h596ih.txt]






107th CONGRESS
  1st Session
                                H. R. 596

To amend the Internal Revenue Code of 1986 to allow personal exemptions 
          for individuals against the alternative minimum tax.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 13, 2001

  Mr. Neal of Massachusetts introduced the following bill; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to allow personal exemptions 
          for individuals against the alternative minimum tax.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. ALLOWANCE OF INDIVIDUAL PERSONAL EXEMPTIONS AGAINST 
              ALTERNATIVE MINIMUM TAX.

    (a) In General.--Subparagraph (E) of section 56(b)(1) of the 
Internal Revenue Code of 1986 (relating to standard deduction and 
deduction for personal exemptions not allowed) is amended by striking 
``the deduction for personal exemptions under section 151,''.
    (b) Conforming Amendment.--The heading for section 56(b)(1)(E) of 
such Code is amended by inserting ``for estates and trusts'' after 
``personal exemptions''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2000.
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