I almost gagged on the pork while trying to read the bill.
I hope your legalese is better than mine :-)

" ``(B) Alternative minimum tax.--In applying section
55(b)(3) for purposes of determining the tax under paragraph
(1)(B)(i) for any taxable year in which, without regard to
this subsection, the taxpayer's net capital gain exceeds the
taxable excess (as defined in section 55(b)(1)(A)(ii))--
``(i) the rules of subparagraph (A) shall apply, except
that such subparagraph shall be applied by substituting `the
taxable excess (as defined in section 55(b)(1)(A)(ii))' for
`taxable income', and
``(ii) the reference in section 55(b)(3)(B) to the excess
described in section 1(h)(1)(B) shall be treated as a
reference to such excess as determined under the rules of
subparagraph (A) for purposes of determining the tax under
paragraph (1)(A)(i).
``(C) Definitions.--Terms used in this paragraph which are
also used in section 1(h) shall have the respective meanings
given such terms by section 1(h), except that in applying
subparagraph (B) the adjustments under part VI of subchapter
A shall be taken into account.''.

Half of the text of the bill is this gobblygook. All I could figure
out
is someone got credit for a free airplane near there.

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On Fri, 3 Oct 2008 13:52:27 EDT, Alan <sfcnm-mtm[at]yahoo.comwrote:

- quote -

And according to the WSJ Bush has signed it. The bill is
available at www.thomas.loc.gov.

--
Drew Edmundson, CPA
Cary, NC

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David Arnold wrote:
- quote -

Division C, Title I, Section 101 of HR 1424, Passed by both
Houses of Congress and awaiting Pres. Bush's signature.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

If the House passes the Emergency Economic Stabilization Act of 2008
on 10/3/08, when will it likely be effective?

Specifically, I want to install a solar photovoltaic system on my
business this year (2008) and claim the 30% tax credit.
Unfortunately, since I am subject to AMT I cannot take the solar
investment tax credit against AMT. One of the tax incentives built
into the Emergency Economic Stabilization Act of 2008 is ability to
take the tax credit even when subject to AMT. I'm trying to figure
out if this will likely become effective in 2008 so that I could
actually install the system this year and get the tax credit even with
AMT in 2008.

Thanks for your thoughts.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >