IV. Individual Alternative Minimum Tax Exemption Amounts
ØA. The individual alternative minimum tax exemption amount increases from $49,000 to $58,000 for married taxpayers filing joint returns and surviving spouses and from $35,750 to $40,250 for unmarried taxpayers for 2003 and 2004.
ØB. The increased exemption amount should reduce the number of taxpayers with AMT liability, with other reductions in this bill generally applying to regular and alternative minimum tax, including the child credit, capital gains, and dividends (see below).