CREDIT FOR PRIOR YEAR MINIMUM TAX LIABILITY MADE REFUNDABLE AFTER PERIOD OF YEARS.

SEC. 402. CREDIT FOR PRIOR YEAR MINIMUM TAX LIABILITY MADE REFUNDABLE AFTER PERIOD OF YEARS.(a) In General.—Section 53 (relating to credit for prior year minimum tax liability) is amended by adding at the end the following new subsection:“(e) Special Rule for Individuals With Long-Term Unused Credits.—“(1) In general.—If an individual has a long-term unused minimum tax credit for any taxable year beginning before January 1, 2013, the amount determined under subsection (c) 120 STAT. 2954 for such taxable year shall not be less than the AMT refundable credit amount for such taxable year.“(2) AMT refundable credit amount.—For purposes of paragraph (1)—“(A) In general.—The term ‘AMT refundable credit amount’ means, with respect to any taxable year, the amount equal to the greater of—“(i) the lesser of—“(I) $5,000, or“(II) the amount of long-term unused minimum tax credit for such taxable year, or“(ii) 20 percent of the amount of such credit.“(B) Phaseout of amt refundable credit amount.—“(i) In general.—In the case of an individual whose adjusted gross income for any taxable year exceeds the threshold amount (within the meaning of section 151(d)(3)(C)), the AMT refundable credit amount determined under subparagraph (A) for such taxable year shall be reduced by the applicable percentage (within the meaning of section 151(d)(3)(B)).“(ii) Adjusted gross income.—For purposes of clause (i), adjusted gross income shall be determined without regard to sections 911, 931, and 933.“(3) Long-term unused minimum tax credit.—“(A) In general.—For purposes of this subsection, the term ‘long-term unused minimum tax credit’ means, with respect to any taxable year, the portion of the minimum tax credit determined under subsection (b) attributable to the adjusted net minimum tax for taxable years before the 3rd taxable year immediately preceding such taxable year.“(B) First-in, first-out ordering rule.—For purposes of subparagraph (A), credits shall be treated as allowed under subsection (a) on a first-in, first-out basis.“(4) Credit refundable.—For purposes of this title (other than this section), the credit allowed by reason of this subsection shall be treated as if it were allowed under subpart C.”.(b) Conforming Amendments.—(1) Section 6211(b)(4)(A) is amended by striking “and 34” and inserting “34, and 53(e)”.(2) Paragraph (2) of section 1324(b) of title 31, United States Code, is amended by inserting “or 53(e)” after “section 35”.(c) Effective Date.—The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.