PUBLIC LAW 109–222—MAY 17, 2006
120 STAT. 353
TITLE III—ALTERNATIVE MINIMUM TAX RELIEF SEC. 301. INCREASE IN ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNT FOR 2006.
(a) IN GENERAL.—Section 55(d)(1) (relating to exemption amount for taxpayers other than corporations) is amended— (1) by striking ‘‘$58,000’’ and all that follows through ‘‘2005’’ in subparagraph (A) and inserting ‘‘$62,550 in the case of taxable years beginning in 2006’’, and (2) by striking ‘‘$40,250’’ and all that follows through ‘‘2005’’ in subparagraph (B) and inserting ‘‘$42,500 in the case of taxable years beginning in 2006’’. (b) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2005.
26 USC 55.
26 USC 55 note.
SEC. 302. ALLOWANCE OF NONREFUNDABLE PERSONAL CREDITS AGAINST REGULAR AND ALTERNATIVE MINIMUM TAX LIABILITY.
(a) IN GENERAL.—Paragraph (2) of section 26(a) is amended— (1) by striking ‘‘2005’’ in the heading thereof and inserting ‘‘2006’’, and (2) by striking ‘‘or 2005’’ and inserting ‘‘2005, or 2006’’. (b) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2005.
26 USC 26 note.
TITLE IV—CORPORATE ESTIMATED TAX PROVISIONS SEC. 401. TIME FOR PAYMENT OF CORPORATE ESTIMATED TAXES.
Notwithstanding section 6655 of the Internal Revenue Code of 1986— (1) in the case of a corporation with assets of not less than $1,000,000,000 (determined as of the end of the preceding taxable year)— (A) the amount of any required installment of corporate estimated tax which is otherwise due in July, August, or September of 2006 shall be 105 percent of such amount, (B) the amount of any required installment of corporate estimated tax which is otherwise due in July, August, or September of 2012 shall be 106.25 percent of such amount, (C) the amount of any required installment of corporate estimated tax which is otherwise due in July, August, or September of 2013 shall be 100.75 percent of such amount, and (D) the amount of the next required installment after an installment referred to in subparagraph (A), (B), or (C) shall be appropriately reduced to reflect the amount of the increase by reason of such subparagraph, (2) 20.5 percent of the amount of any required installment of corporate estimated tax which is otherwise due in September 2010 shall not be due until October 1, 2010, and
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26 USC 6655 note.
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