To amend the Internal Revenue Code of 1986 to increase the alternative minimum tax exemption amount and index such amount for inflation.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. PERMANENT INCREASED ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNT INDEXED FOR INFLATION.
(a) Increase.--Paragraph (1) of section 55(d) of the Internal Revenue Code of 1986 is amended-- (1) by striking ``$45,000 ($72,450 in the case of taxable years beginning in 2010 and $74,450 in the case of taxable years beginning in 2011)'' in subparagraph (A) and inserting ``$100,000'', and (2) by striking ``$33,750 ($47,450 in the case of taxable years beginning in 2010 and $48,450 in the case of taxable years beginning in 2011)'' in subparagraph (B) and inserting ``$75,000''. (b) Inflation Adjustment.--Subsection (d) of section 55 of such Code is amended by adding at the end the following new paragraph: ``(4) Inflation adjustment.--In the case of any taxable year beginning after 2012, the dollar amounts in subparagraphs (A) and (B) of paragraph (1) shall each be increased by an amount equal to-- ``(A) such dollar amount, multiplied by ``(B) 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. If any amount as adjusted under the preceding sentence is not a multiple of $100, such amount shall be rounded to the next lowest multiple of...