Detailed Summary

AMT Repeal and Tax Freedom Act - Amends the Internal Revenue Code to repeal the alternative minimum tax for individual taxpayers after 2006.

Exempts individual taxpayers who had no alternative minimum tax liability in the taxable year preceding 2006 from estimated income tax penalties for taxable years beginning in 2006.

Makes permanent reductions in income tax rates enacted by the Economic Growth and Tax Relief and Reconciliation Act of 2001 and capital gains and dividends tax rates enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Status of the Legislation

Latest Major Action: 11/8/2007: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 476.

Points in Favor

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Points Against

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