The bill, from Rep. Sam Johnson (R-Texas) and a handful of other Ways and Means Committee members (HR 433), would amend tax code Section 53 on credit for prior year minimum tax liability to include a special rule, Washington-based legal publisher BNA reported. The rule would apply a credit of the lesser of the incentive stock option tax or the greater of $3,000 or 50% of the regular tax for the year.
The bill is cosponsored by Reps. Richard Neal (D-Massachusetts), Robert Matsui (D-California), Jim Ramstad (R-Minnesota), Phil Crane (R-Illinois), and Scott McCinnis (R-Illinois). Rep. Tom Davis (R-Virginia) is also a sponsor.
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