S 336
112th CONGRESS
1st Session
S. 336
To permanently extend the 2001 and 2003 tax relief provisions,
and to permanently repeal the estate tax, and to provide permanent AMT
relief, and for other purposes.
IN THE SENATE OF THE UNITED STATES
February 14, 2011
Mr. DEMINT introduced the following bill; which was read twice and
referred to the Committee on Finance
A BILL
To permanently extend the 2001 and 2003 tax relief provisions,
and to permanently repeal the estate tax, and to provide permanent AMT
relief, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Tax Relief Certainty Act of 2011'.
TITLE I--PERMANENT TAX RELIEF
SEC. 101. REPEAL OF EGTRRA SUNSET.
Section 901 of the Economic Growth and Tax Relief Reconciliation Act
of 2001 is repealed.
SEC. 102. REPEAL OF JGTRRA SUNSET.
Section 303 of the Jobs and Growth Tax Relief Reconciliation Act of
2003 is repealed.
SEC. 103. TECHNICAL AND CONFORMING AMENDMENTS.
The Secretary of the Treasury or the Secretary's delegate shall, not
later than 90 days after the date of the enactment of this Act, submit
to the Committee on Ways and Means of the House of Representatives and
the Committee on Finance of the Senate a draft of any technical and
conforming changes in the Internal Revenue Code of 1986 which are necessary
to reflect throughout such Code the purposes of the provisions of, and
amendments made by, this Act.
TITLE II--PERMANENT INDIVIDUAL AMT RELIEF
SEC. 201. PERMANENT INDIVIDUAL AMT RELIEF.
(a) Modification of Alternative Minimum Tax Exemption Amount-
(1) IN GENERAL- Paragraph (1) of section 55(d) of the Internal Revenue
Code of 1986 (relating to exemption amount) is amended to read as
follows:
`(1) EXEMPTION AMOUNT FOR TAXPAYERS OTHER THAN CORPORATIONS- In the
case of a taxpayer other than a corporation, the term `exemption amount'
means--
`(A) the dollar amount for taxable years beginning in the calendar
year as specified in the table contained in paragraph (4)(A) in
the case of--
`(ii) a surviving spouse,
`(B) the dollar amount for taxable years beginning in the calendar
year as specified in the table contained in paragraph (4)(B) in
the case of an individual who--
`(i) is not a married individual, and
`(ii) is not a surviving spouse,
`(C) 50 percent of the dollar amount applicable under paragraph
(1)(A) in the case of a married individual who files a separate
return, and
`(D) $22,500 in the case of an estate or trust.
For purposes of this paragraph, the term `surviving spouse' has the
meaning given to such term by section 2(a), and marital status shall
be determined under section 7703.'.
(2) SPECIFIED EXEMPTION AMOUNTS- Section 55(d) of such Code is amended
by adding at the end the following new paragraph:
`(4) SPECIFIED EXEMPTION AMOUNTS-
`(A) TAXPAYERS DESCRIBED IN PARAGRAPH (1)(A)- For purposes of paragraph
(1)(A)--
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`For taxable years beginning in-- The exemption amount is:
-----------------------------------------------------------
2011 $74,450
2012 $78,250
2013 $81,450
2014 $85,050
2015 $88,650
2016 $92,650
2017 $96,550
2018 $100,950
2019 $105,150
2020 $109,950
2021 $112,250.
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`(B) TAXPAYERS DESCRIBED IN PARAGRAPH (1)(B)- For purposes of paragraph
(1)(B)--
-----------------------------------------------------------
`For taxable years beginning in-- The exemption amount is:
-----------------------------------------------------------
2011 $48,450
2012 $50,350
2013 $51,950
2014 $53,750
2015 $55,550
2016 $57,550
2017 $59,500
2018 $61,700
2019 $63,800
2020 $66,200
2021 $68,200.'.
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(b) Alternative Minimum Tax Relief for Nonrefundable Credits-
(1) IN GENERAL- Subsection (a) of section 26 of the Internal Revenue
Code of 1986 is amended to read as follows:
`(a) Limitation Based on Amount of Tax- The aggregate amount of credits
allowed by this subpart for the taxable year shall not exceed the sum
of--
`(1) the taxpayer's regular tax liability for the taxable year reduced
by the foreign tax credit allowable under section 27(a), and
`(2) the tax imposed by section 55(a) for the taxable year.'.
(2) CONFORMING AMENDMENTS-
(i) Section 24(b) of such Code is amended by striking paragraph
(3).
(ii) Section 24(d)(1) of such Code is amended--
(I) by striking `section 26(a)(2) or subsection (b)(3), as the
case may be,' each place it appears in subparagraphs (A) and
(B) and inserting `section 26(a)', and
(II) by striking `section 26(a)(2) or subsection (b)(3), as
the case may be' in the second last sentence and inserting `section
26(a)'.
(B) CREDIT FOR INTEREST ON CERTAIN HOME MORTGAGES- Section 25(e)(1)(C)
of such Code is amended to read as follows:
`(C) APPLICABLE TAX LIMIT- For purposes of this paragraph, the term
`applicable tax limit' means the limitation imposed by section 26(a)
for the taxable year reduced by the sum of the credits allowable
under this subpart (other than this section and sections 23, 25D,
and 1400C).'.
(C) Savers' CREDIT- Section 25B of such Code is amended by striking
subsection (g).
(D) RESIDENTIAL ENERGY EFFICIENT PROPERTY- Section 25D(c) of such
Code is amended to read as follows:
`(c) Carryforward of Unused Credit- If the credit allowable under subsection
(a) exceeds the limitation imposed by section 26(a) for such taxable
year reduced by the sum of the credits allowable under this subpart
(other than this section), such excess shall be carried to the succeeding
taxable year and added to the credit allowable under subsection (a)
for such succeeding taxable year.'.
(E) CERTAIN PLUG-IN ELECTRIC VEHICLES- Section 30(c)(2) of such
Code is amended to read as follows:
`(2) PERSONAL CREDIT- For purposes of this title, the credit allowed
under subsection (a) for any taxable year (determined after application
of paragraph (1)) shall be treated as a credit allowable under subpart
A for such taxable year.'.
(F) ALTERNATIVE MOTOR VEHICLE CREDIT- Section 30B(g)(2) of such
Code is amended to read as follows:
`(2) PERSONAL CREDIT- For purposes of this title, the credit allowed
under subsection (a) for any taxable year (determined after application
of paragraph (1)) shall be treated as a credit allowable under subpart
A for such taxable year.'.
(G) NEW QUALIFIED PLUG-IN ELECTRIC VEHICLE CREDIT- Section 30D(c)(2)
of such Code is amended to read as follows:
`(2) PERSONAL CREDIT- For purposes of this title, the credit allowed
under subsection (a) for any taxable year (determined after application
of paragraph (1)) shall be treated as a credit allowable under subpart
A for such taxable year.'.
(H) CROSS REFERENCES- Section 55(c)(3) of such Code is amended by
striking `26(a), 30C(d)(2),' and inserting `30C(d)(2)'.
(I) FOREIGN TAX CREDIT- Section 904 of such Code is amended by striking
subsection (i) and by redesignating subsections (j), (k), and (l)
as subsections (i), (j), and (k), respectively.
(J) FIRST-TIME HOME BUYER CREDIT FOR THE DISTRICT OF COLUMBIA- Section
1400C(d) of such Code is amended to read as follows:
`(d) Carryforward of Unused Credit- If the credit allowable under subsection
(a) exceeds the limitation imposed by section 26(a) for such taxable
year reduced by the sum of the credits allowable under subpart A of
part IV of subchapter A (other than this section and section 25D), such
excess shall be carried to the succeeding taxable year and added to
the credit allowable under subsection (a) for such taxable year.'.
(A) IN GENERAL- Section 10909 of the Patient Protection and Affordable
Care Act, and the amendments made thereby, are repealed; and the
Internal Revenue Code of 1986 shall be applied as if such section,
and amendments, had never been enacted.
(B) CONFORMING AMENDMENTS-
(i) Section 23(b) of the Internal Revenue Code of 1986, as in
effect on December 31, 2009, is amended by striking paragraph
(4).
(ii) Section 23(c) of such Code, as in effect on December 31,
2009, is amended by striking paragraphs (1) and (2) and inserting
before paragraph (3) the following:
`(1) IN GENERAL- If the credit allowable under subsection (a) for
any taxable year exceeds the limitation imposed by section 26(a) for
such taxable year, reduced by the sum of the credits allowable under
this subpart (other than this section and sections 25D and 1400C),
such excess shall be carried to the succeeding taxable year and added
to the credit allowable under subsection (a) for such taxable year.'.
(iii) Section 23(c) of such Code, as in effect on December 31,
2009, is amended by redesignating paragraph (3) as paragraph (2).
(c) Effective Date- The amendments and the repeal made by this section
shall apply to taxable years beginning after December 31, 2010.
TITLE III--PERMANENT ESTATE TAX RELIEF
SEC. 301. PERMANENT ESTATE TAX RELIEF.
(a) In General- Title III of the Tax Relief, Unemployment Insurance
Reauthorization, and Job Creation Act of 2010, and the amendments made
thereby, are repealed; and the Internal Revenue Code of 1986 shall be
applied as if such title, and amendments, had never been enacted.
(b) Effective Date- The repeal made by this section shall apply to estates
of decedents dying, gifts made, and generation skipping transfers after
December 31, 2009.
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