,,ii  #aai? ,,congress  #a/ ,session    
,s4 #gif  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,febru>y #bg1 #bjbe,mr4
 ,b>rasso 7= himself1 ,mr4 ,crapo1 ,mr4 
,lank=d1 ,mr4 ,cassidy1 ,mr4 ,da9es1    
,mrs4 ,blackburn1 ,mr4 ,ricketts1 ,mr4  
,ris*1 & ,ms4 ,lummis7 introduc$ !      
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,f9ance  ,a ,,bill   
,to am5d ! ,int]nal ,rev5ue ,code (     
#aihf to repeal ! corporate alt]native  
m9imum tax4  #a4 ,%ort title ,?is ,act  
may be cit$ z ! ,book ,m9imum ,tax      
,repeal ,act4  #b4 ,repeal ( corporate  
alt]native m9imum tax  7a7 ,9 g5]al     
,section #ee ( ! ,int]nal ,rev5ue ,code 
( #aihf is am5d$-- 7#a7 9 subsection    
7a7-- 7,a7 by /rik+ ,!re & ins]t+ ,9 !  
case ( a taxpay] o!r ?an a corporation1 
!re1 &  7,b7 by /rik+ plus1 9 ! case (  
an applicable corporation1 ! tax impos$ 
by section #ei;,a 9 p>agraph 7#b71 &    
7#b7 by /rik+ subsection 7b7 & ins]t+ ! 
foll[+3  7b7 ,t5tative m9imum tax  7#a7 
,am\nt ( t5tative m9imum tax  7,a7 ,9   

g5]al ,! t5tative m9imum tax = ! taxable
 ye> is ! sum (-- 7i7 #bf p]c5t ( s mu* 
( ! taxable excess z does n exce$       
#age1jjj1 plus  7ii7 #bh p]c5t ( s mu* (
 ! taxable excess z exce$s #age1jjj4  ,!
 am\nt det]m9$ "u ! prec$+ s5t5ce %all  
be r$uc$ by ! alt]native m9imum tax     
=eign tax cr$it = ! taxable ye>4  7,b7  
,taxable excess ,= purposes ( ?is       
subsection1 ! t]m taxable excess means s
 mu* ( ! alt]native m9imum taxable      
income = ! taxable ye> z exce$s !       
exemption am\nt4  7,c7 ,m>ri$ individual
 fil+ sep>ate return ,9 ! case ( a m>ri$
 individual fil+ a sep>ate return1      
subp>agraph 7,a7 %all be appli$ by      
sub/itut+ #ej p]c5t ( ! doll> am\nt     
o!rwise applicable "u clause 7i7 &      
clause 7ii7 !re(4 ,= purposes ( ! prec$+
 s5t5ce1 m>ital /atus %all be det]m9$ "u
 section #ggjc4  7#b7 ,alt]native m9imum
 taxable income ,! t]m alt]native m9imum
 taxable income means ! taxable income (
 ! taxpay] = ! taxable ye>-- 7,a7       
det]m9$ ) ! adju/m5ts provid$ 9 section 

#ef & section #eh1 &  7,b7 increas$ by !
 am\nt ( ! items ( tax pref]5ce describ$
 9 section #eg4  ,if a taxpay] is       
subject to ! regul> tax1 su* taxpay]    
%all be subject to ! tax impos$ by ?is  
section 7&1 if ! regul> tax is det]m9$  
by ref]5ce to an am\nt o!r ?an taxable  
income1 su* am\nt %all be treat$ z !    
taxable income ( su* taxpay] = purposes 
( ! prec$+ s5t5ce74  4  7b7 ,application
 to g5]al bus9ess cr$it ,section        
#ch7;c77#f77;,e7 ( ! ,int]nal ,rev5ue   
,code ( #aihf is am5d$ to read z foll[s3
  7,e7 ,corporations ,9 ! case ( a      
corporation1 ?is subsection %all be     
appli$ by treat+ ! corporation z hav+ a 
t5tative m9imum tax ( z]o4  4  7c7      
,con=m+ am5dm5ts  7#a7 ,section #aa7;d7 
( ! ,int]nal ,rev5ue ,code ( #aihf is   
am5d$ by /rik+ ! taxes impos$ by        
subsection 7a7 & section #ee & ins]t+ ! 
tax impos$ by subsection 7a74  7#b7     
,section #ab ( su* ,code is am5d$ by    
/rik+ p>agraph 7#e74  7#c7 ,section #ec 
( su* ,code is am5d$ by /rik+ subsection

 7e74  7#d7 ,"p ,,vi ( sub*apt] ,a (    
*apt] #a ( su* ,code is am5d$ by /rik+  
section #ef;,a 7& ! item relat$ to su*  
section 9 ! table ( sections = su* "p74 
7#e7 ,section #ei ( su* ,code is am5d$  
by /rik+ subsections 7k7 & 7l74  7#f7   
,section #hfj;,e7a77#d7 ( su* ,code is  
am5d$ by /rik+ section #ee7;b77#a77;,d7 
& ins]t+ section #ee7;b77#b74  7#g7     
,section #hhb7;a77#a7 ( su* ,code is    
am5d$ by 1 #ee14  7#h7 ,section         
#hig7;a77#b77;,a77i7 ( su* ,code is     
am5d$ by /rik+ section #ee7;b77#a77;,d7 
& ins]t+ section #ee7;b77#b74  7#i7     
,section #fdbe7;c77#a77;,a7 ( su* ,code 
is am5d$ by /rik+ clause 7ii7 & by      
r$esignat+ clause 7iii7 z clause 7ii74  
7#aj7 ,section #ffee7;e77#b7 ( su* ,code
 is am5d$ by /rik+ 1 adju/$ f9ancial    
/atem5t income 7z def9$ 9 section       
#ef;,a7 ea* place x appe>s 9            
subp>agraphs 7,a77i7 & 7,b77i74  7#aa7  
,section #ffee7;g77#a77;,a7 ( su* ,code 
is am5d$ by /rik+ clause 7ii7 & by      
r$esignat+ clauses 7iii7 & 7iv7 z       

clauses 7ii7 & 7iii71 respectively4  7d7
 ,effective date ,! am5dm5ts made by ?is
 section %all apply to taxable ye>s     
beg9n+ aft] ,decemb] #ca1 #bjbd4