Alternative minimum tax imposed

There is hereby imposed (in addition to any other tax imposed by this subtitle) a tax equal to the excess (if any) of— For purposes of this part— In the case of a taxpayer other than a corporation— The tentative minimum tax for the taxable year is the sum of— For purposes of this subsection, the term “taxable excess” means so much of the alternative minimum taxable income for the taxable year as exceeds the exemption amount. In the case of a married individual filing a separate return, subparagraph (A) shall be applied by substituting 50 percent of the dollar amount otherwise applicable under clause (i) and clause (ii) thereof. For purposes of the preceding sentence, marital status shall be determined under section 7703. The term “alternative minimum taxable income” means the taxable income of the taxpayer for the taxable year— In the case of an applicable corporation, the tentative minimum tax for the taxable year shall be the excess of— In the case of any corporation which is not an applicable corporation, the tentative minimum tax for the taxable year shall be zero. The amount determined under the first sentence of paragraph (1)(A) shall not exceed the sum of— the amount determined under such first sentence computed at the rates and in the same manner as if this paragraph had not been enacted on the taxable excess reduced by the lesser of— the sum of— 15 percent of the lesser of— For purposes of this section, the term “regular tax” means the regular tax liability for the taxable year (as defined in section 26(b)) reduced by the foreign tax credit allowable under section 27(a).11 See References in Text note below. Such term shall not include any increase in tax under section 45(e)(11)(C), 49(b) or 50(a) or subsection (j) or (k) of section 42. Solely for purposes of this section, section 1301 (relating to averaging of farm and fishing income) shall not apply in computing the regular tax liability. For provisions providing that certain credits are not allowable against the tax imposed by this section, see sections 30C(d)(2) and 38(c). For purposes of this section— In the case of a taxpayer other than a corporation, the term “exemption amount” means— $78,750 in the case of— $50,600 in the case of an individual who— The exemption amount of any taxpayer shall be reduced (but not below zero) by an amount equal to 25 percent of the amount by which the alternative minimum taxable income of the taxpayer exceeds— In the case of any taxable year beginning in a calendar year after 2012, the amounts described in subparagraph (B) shall each be increased by an amount equal to— The amounts described in this subparagraph are— Any increased amount determined under subparagraph (A) shall be rounded to the nearest multiple of $100. In the case of any taxable year beginning after December 31, 2017— paragraph (1) shall be applied— paragraph (2) shall be applied— In the case of any taxable year beginning in a calendar year after 2018 (2026, in the case of the $1,000,000 amount in subparagraph (A)(ii)(I)), the amounts described in clause (ii) shall each be increased by an amount equal to— the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting for “calendar year 2016” in subparagraph (A)(ii) thereof— The amounts described in this clause are the $109,400 amount in subparagraph (A)(i)(I), the $70,300 amount in subparagraph (A)(i)(II), and the $1,000,000 amount in subparagraph (A)(ii)(I). Any increased amount determined under clause (i) shall be rounded to the nearest multiple of $100. In the case of any taxable year to which subparagraph (A) applies, no adjustment shall be made under paragraph (3) to any of the numbers which are substituted under subparagraph (A) and adjusted under this subparagraph.