Vote to pass a bill that extends the alternative minimum tax credit and adjusts the repayment plan for nonqualified deferred compensation.
Extends the alternative minimum tax limit for nonrefundable personal credits to 2007 and increases the amounts of exemption from $62,550 to $66,250 for joint tax returns and from $42,500 to $44,350 for individual tax returns (Secs. 101 & 102).
Requires non-ascertainable income that is included in nonqualified deferred compensation to be taxed, when the amount can be determined, at a rate increased by the amount of interest at the underpayment rate, plus one percent on the underpayments, and an additional 20 percent of the amount of the compensation (Sec. 201).
Requires nonqualified deferred compensation arrangements made before December 31, 2007, to be amended in a limited time to comply with the distribution date of the amounts to be included in income (Sec. 201).
Defers treating domestic corporations that are part of a worldwide affiliated group as an individual corporation for income tax purposes until December 31, 2017 (Sec. 221).