12 2 STA T .386 3 PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 2008 Sec.709 . Waiv e rof cer t ai nm ort g age reven u e b on d re q uirement s fo l lo w ing feder - all y declared disasters. Sec. 7 1 0.S p ecial depreciation allowance for qualified disaster property. Sec. 711. I ncreased e x pensing for qualified disaster assistance property. Sec. 71 2 . C oordination wit hH eartland disaster relief. T IT LEV III — S P E ND IN GR ED U CTI O NS A ND APPROPRIATE REVENUE RAISERS F OR NEW TA X RELIEF POLIC Y Sec. 8 01. Nonqualified deferred compensation from certain tax indifferent parties. TI T LE I —A LTE RN ATI V E M INIM U MTA X RELIE FSEC.10 1.E XT E N S IO NO FAL TE R NATI V E M INIM U M TAX RELIEF FOR NONREFUN D A B LE P ERSONAL CREDITS. (a)INGE NE RAL.—P a r a g ra ph ( 2 ) ofsecti o n 2 6 (a) (re l ating to special r u le for ta x a b le y ears 2 0 00 through 200 7 )isa m en d ed— ( 1 ) by stri k ing ‘ ‘or 2007 ’ ’ and inserting ‘‘2007 , or 200 8 ’’, and (2) by striking ‘‘ 20 0 7 ’’ in the heading thereof and inserting ‘‘200 8 ’’. (b) EF FE CTIV E D ATE.— T he amendments made by this section shall apply to taxable years beginning after December 3 1, 2007. SEC. 10 2 . EXTENSION OF INCREASED ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNT. (a) IN GENERAL.—Paragraph (1) of section 5 5(d) (relating to exemption amount) is amended— (1) by striking ‘‘( $ 66,250 in the case of taxable years begin - ning in 2007)’’ in subparagraph ( A ) and inserting ‘‘($6 9 ,950 in the case of taxable years beginning in 2008)’’, and (2) by striking ‘‘($ 4 4,350 in the case of taxable years begin- ning in 2007)’’ in subparagraph ( B ) and inserting ‘‘($46,200 in the case of taxable years beginning in 2008)’’. (b) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2007. SEC. 10 3 . INCREASE OF AMT REFUNDABLE CREDIT AMOUNT FOR INDIVIDUALS W IT H LON G- TERM UNUSED CREDITS FOR PRIOR Y EAR MINIMUM TAX LIABILITY , ETC. (a) IN GENERAL.—Paragraph (2) of section 53(e) is amended to read as follo w s
‘‘(2) A M T REF U N D A B LE CREDIT A MO UNT.— F or purposes of paragraph (1), the term ‘AMT refundable credit amount’ means, with respect to any taxable year, the amount (not in excess of the long-term unused minimum tax credit for such taxable year) e q ual to the greater of— ‘‘(A) 50 percent of the long-term unused minimum tax credit for such taxable year, or ‘‘(B) the amount (if any) of the AMT refundable credit amount determined under this paragraph for the taxpayer’s preceding taxable year (determined without regard to sub- section (f)(2)).’’. (b) TREATMENT OF C ERTAIN U NDER P A Y MENT S , INTEREST, AND PENALTIES ATTRIBUTABLE TO T H E TREATMENT OF INCENTIVE S TOC KO PTIONS.—Section 53 is amended by adding at the end the following new subsection: 26USC5 5 note. 26 USC 26 note. 26 USC 26.
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