REPEAL OF PHASEOUT OF PERSONAL EXEMPTIONS.

SEC. 102. REPEAL OF PHASEOUT OF PERSONAL EXEMPTIONS. (a) In General.—Paragraph (3) of section 151(d) (relating to exemption amount) is amended by adding at the end the following new subparagraphs: “(E) Reduction of phaseout.— “(i) In general.—In the case of taxable years beginning after December 31, 2005, and before January 1, 2010, the reduction under subparagraph (A) shall be equal to the applicable fraction of the amount which would (but for this subparagraph) be the amount of such reduction. “(ii) Applicable fraction.—For purposes of clause (i), the applicable fraction shall be determined in accordance with the following table: “For taxable years beginning in calendar year— The applicable fraction is— 2006 and 2007 ⅔ 2008 and 2009 ⅓. “(F) Termination.—This paragraph shall not apply to any taxable year beginning after December 31, 2009.”. (b) Effective Date.—The amendment made by this section shall apply to taxable years beginning after December 31, 2005.