Economic Growth and Tax Relief Reconciliation Act of 2001/Title VII

SEC. 701. INCREASE IN ALTERNATIVE MINIMUM TAX EXEMPTION.

 * (a) In General.—
 * (1) Subparagraph (A) of section 55(d)(1) (relating to exemption amount for taxpayers other than corporations) is amended by striking ``$45,000  and inserting ``$45,000 ($49,000 in the case of taxable years beginning in 2001, 2002, 2003, and 2004) .
 * (2) Subparagraph (B) of section 55(d)(1) (relating to exemption amount for taxpayers other than corporations) is amended by striking ``$33,750  and inserting ``$33,750 ($35,750 in the case of taxable years beginning in 2001, 2002, 2003, and 2004) .


 * (b) Conforming Amendments.—
 * (1) Paragraph (1) of section 55(d) is amended by striking ``and '' at the end of subparagraph (B), by striking subparagraph (C), and by inserting after subparagraph (B) the following new subparagraphs:
 * ``(C) 50 percent of the dollar amount applicable under paragraph (1)(A) in the case of a married individual who files a separate return, and
 * ``(D) $22,500 in the case of an estate or trust. ''.
 * (2) Subparagraph (C) of section 55(d)(3) is amended by striking ``paragraph (1)(C)  and inserting ``subparagraph (C) or (D) of paragraph (1) .
 * (3) The last sentence of section 55(d)(3) is amended—
 * (A) by striking ``paragraph (1)(C)(i)  and inserting ``paragraph (1)(C)  ; and
 * (B) by striking ``$165,000 or (ii) $22,500  and inserting ``the minimum amount of such income (as so determined) for which the exemption amount under paragraph (1)(C) is zero, or (ii) such exemption amount (determined without regard to this paragraph) .


 * (c) Effective Date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2000.