Sec. 104. PERMANENT ALTERNATIVE MINIMUM TAX RELIEF
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## SEC. 104 PERMANENT ALTERNATIVE MINIMUM TAX RELIEF ###
(a)2012 Exemption Amounts Made Permanent ####
(1)In general Paragraph
(1)of section 55(d) is amended— #####
(A)by striking “$45,000” and all that follows through “2011)” in subparagraph
(A)and inserting “$78,750”, #####
(B)by striking “$33,750” and all that follows through “2011)” in subparagraph
(B)and inserting “$50,600”, and #####
(C)by striking “paragraph (1)(A)” in subparagraph
(C)and inserting “subparagraph (A)”. ###
(b)Exemption Amounts Indexed for Inflation ####
(1)In general Subsection
(d)of section 55 is amended by adding at the end the following new paragraph: > > #### “(4) Inflation adjustment > > > ##### “(A) In general > > In the case of any taxable year beginning in a calendar year after 2012, the amounts described in subparagraph
(B)shall each be increased by an amount equal to— > > > ###### “(i) > > such dollar amount, multiplied by > > > ###### “(ii) > > the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting ‘calendar year 2011’ for ‘calendar year 1992’ in subparagraph
(B)thereof. > > > ##### “(B) Amounts described > > The amounts described in this subparagraph are— > > > ###### “(i) > > each of the dollar amounts contained in subsection (b)(1)(A)(i), > > > ###### “(ii) > > each of the dollar amounts contained in paragraph (1), and > > > ###### “(iii) > > each of the dollar amounts in subparagraphs
(A)and
(B)of paragraph (3). > > > ##### “(C) Rounding > > Any increase determined under subparagraph
(A)shall be rounded to the nearest multiple of $100.” > . ####
(2)Conforming amendments #####
(A)**[**[26 U.S.C. 55](/us/usc/t26/s55)**]** Clause
(iii)of section 55(b)(1)(A) is amended by striking “by substituting” and all that follows through “appears.” and inserting “by substituting 50 percent of the dollar amount otherwise applicable under subclause
(I)and subclause
(II)thereof.”. #####
(B)Paragraph
(3)of section 55(d) is amended— ######
(i)by striking “or (2)” in subparagraph (A), ######
(ii)by striking “and” at the end of subparagraph (B), and ######
(iii)by striking subparagraph
(C)and inserting the following new subparagraphs: > > ##### “(C) > > 50 percent of the dollar amount applicable under subparagraph
(A)in the case of a taxpayer described in subparagraph
(C)or
(D)of paragraph (1), and > > > ##### “(D) > > $150,000 in the case of a taxpayer described in paragraph (2).” > . ###
(c)Alternative Minimum Tax Relief for Nonrefundable Credits ####
(1)In general Subsection
(a)of section 26 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 #####
(A)Adoption credit ######
(i)Section 23(b) is amended by striking paragraph (4). ######
(ii)Section 23(c) is amended by striking paragraphs
(1)and
(2)and inserting 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) is amended by redesignating paragraph
(3)as paragraph (2). #####
(B)Child tax credit ######
(i)Section 24(b) is amended by striking paragraph (3). ######
(ii)Section 24(d)(1) 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)”. #####
(C)Credit for interest on certain home mortgages **[**[26 U.S.C. 25](/us/usc/t26/s25)**]** Section 25(e)(1)(C) 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).” > . #####
(D)Hope and lifetime learning credits Section 25A(i) is amended— ######
(i)by striking paragraph
(5)and by redesignating paragraphs
(6)and
(7)as paragraphs
(5)and (6), respectively, and ######
(ii)by striking “section 26(a)(2) or paragraph (5), as the case may be” in paragraph (5), as redesignated by clause (i), and inserting “section 26(a)”. #####
(E)Savers’ credit Section 25B is amended by striking subsection (g). #####
(F)Residential energy efficient property Section 25D(c) 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.” > . #####
(G)Certain plug-in electric vehicles Section 30(c)(2) 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)Alternative motor vehicle credit Section 30B(g)(2) 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.” > . #####
(I)New qualified plug-in electric vehicle credit Section 30D(c)(2) 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.” > . #####
(J)Cross references Section 55(c)(3) is amended by striking “26(a), 30C(d)(2),” and inserting “30C(d)(2)”. #####
(K)Foreign tax credit Section 904 is amended by striking subsection
(i)and by redesignating subsections (j), (k), and
(l)as subsections (i), (j), and (k), respectively. #####
(L)First-time home buyer credit for the district of columbia Section 1400C(d) 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.” > . ###
(d)Effective Date **[**[26 U.S.C. 23 note](/us/usc/t26/s23)**]** The amendments made by this section shall apply to taxable years beginning after December 31, 2011. # TITLE II INDIVIDUAL TAX EXTENDERS
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