INCREASE IN ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNT FOR 2006.

SEC. 301. INCREASE IN ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNT FOR 2006. (a) In General.—Section 55(d)(1) (relating to exemption amount for taxpayers other than corporations) is amended—(1) by striking “$58,000” and all that follows through “2005” in subparagraph (A) and inserting “$62,550 in the case of taxable years beginning in 2006”, and (2) by striking “$40,250” and all that follows through “2005” in subparagraph (B) and inserting “$42,500 in the case of taxable years beginning in 2006”. (b) Effective Date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2005.