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Key Votes

HR 4351 - Alternative Minimum Tax Adjustment Act - Key Vote

National Key Votes

Richard Hugh Baker voted Nay (Passage) on this Legislation.

Read statements Richard Hugh Baker made in this general time period.

Stages

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Issues

Stage Details

Legislation - Bill Sent To Committee (Senate) -
Legislation - Bill Passed (House) (226-193) - (Key vote)

Title: Alternative Minimum Tax Adjustment Act

Vote Smart's Synopsis:

Vote to pass a bill that extends the alternative minimum tax credit and adjusts the repayment plan for nonqualified deferred compensation.

Highlights:
  • 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).
Legislation - Introduced (House) -

Title: Alternative Minimum Tax Adjustment Act

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