H.R. 4227 - Middle-Class Alternative Minimum Tax Relief Act of 2004 1. Modified closed rule.
2. Provides one hour of debate in the House equally divided and controlled by the chairman and ranking minority member of the Committee on Ways and Means.
3. Provides for consideration of the amendment in the nature of a substitute printed in the Rules Committee report accompanying the resolution, if offered by Representative Rangel of New York or his designee, which shall be considered as read, and shall be separately debatable for one hour equally divided and controlled by the proponent and an opponent.
4. Waives all points of order against the amendment printed in the report.
5. Provides one motion to recommit with or without instructions.
--------- RESOLUTION Resolved, That upon the adoption of this resolution it shall be in order to consider in the House the bill (H.R. 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. The bill shall be considered as read for amendment. The previous question shall be considered as ordered on the bill and on any amendment thereto to final passage without intervening motion except: (1) one hour of debate on the bill equally divided and controlled by the chairman and ranking minority member of the Committee on Ways and Means; (2) the amendment in the nature of a substitute printed in the report of the Committee on Rules accompanying this resolution, if offered by Representative Rangel of New York or his designee, which shall be in order without intervention of any point of order, shall be considered as read, and shall be separately debatable for one hour equally divided and controlled by the proponent and an opponent; and (3) one motion to recommit with or without instructions.
SUMMARY OF AMENDMENT MADE IN ORDER
(summaries derived from information provided by sponsors)Rangel #1
Amendment in the Nature of a Substitute. Eliminates all liability for the individual minimum tax for taxpayers whose adjusted gross incomes are less than $250,000 ($125,000 for single taxpayers). Above those income levels, AMT liabilities would be phased in over a $40,000 range ($20,000 for single taxpayers). Requires the Treasury Department to submit recommendations to reform the minimum tax so that the number of individuals subject to the minimum tax would be less than one percent, the percentage that was in effect before the 2001 tax cut. The Ways and Means Committee would be required to act on those recommendations. The cost of the amendment would be offset by restrictions on tax shelter transactions that have been approved by the Senate Finance Committee.
TEXT OF THE AMENDMENT(.pdf)
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