FOREIGN TAX CREDIT UNDER ALTERNATIVE MINIMUM TAX.

SEC. 421. FOREIGN TAX CREDIT UNDER ALTERNATIVE MINIMUM TAX.(a) In General.—(1) Subsection (a) of section 59 is amended by striking paragraph (2) and by redesignating paragraphs (3) and (4) as paragraphs (2) and (3), respectively.(2) Section 53(d)(1)(B)(i)(II) is amended by striking “and if section 59(a)(2) did not apply”.(b) Effective Date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2004.