ALLOWANCE OF NONREFUNDABLE PERSONAL CREDITS AGAINST REGULAR AND MINIMUM TAX LIABILITY.

SEC. 312. ALLOWANCE OF NONREFUNDABLE PERSONAL CREDITS AGAINST REGULAR AND MINIMUM TAX LIABILITY.(a) In General.—Paragraph (2) of section 26(a) is amended—(1) by striking “rule for 2000, 2001, 2002, and 2003.—” and inserting “rule for taxable years 2000 through 2005.—”, and(2) by striking “or 2003” and inserting “2003, 2004, or 2005”.(b) Conforming Provisions.—(1) Section 904(h) is amended by striking “or 2003” and inserting “2003, 2004, or 2005”.(2) The amendments made by sections 201(b), 202(f), and 618(b) of the Economic Growth and Tax Relief Reconciliation Act of 2001 shall not apply to taxable years beginning during 2004 or 2005.(c) Effective Date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2003.