(a) Allowance of credit
There shall be allowed as a credit against the tax imposed by this chapter for any taxable year an amount equal to the minimum tax credit for such taxable year.
(b) Minimum tax credit For purposes of subsection (a), the minimum tax credit for any taxable year is the excess (if any) of
(1) the adjusted net minimum tax imposed for all prior taxable years beginning after 1986, over
(2) the amount allowable as a credit under subsection (a) for such prior taxable years.
(c) Limitation The credit allowable under subsection (a) for any taxable year shall not exceed the excess (if any) of
(1) the regular tax liability of the taxpayer for such taxable year reduced by the sum of the credits allowable under subparts A, B, D, E, and F of this part, over
(2) the tentative minimum tax for the taxable year.
(d) Definitions For purposes of this section
(1) Net minimum tax
(A) In general The term net minimum tax means the tax imposed by section
55.
(B) Credit not allowed for exclusion preferences
(i) Adjusted net minimum tax The adjusted net minimum tax for any taxable year is
(I) the amount of the net minimum tax for such taxable year, reduced by
(II) the amount which would be the net minimum tax for such taxable year if the only adjustments and items of tax preference taken into account were those specified in clause (ii).
(ii) Specified items The following are specified in this clause
(I) the adjustments provided for in subsection (b)(1) of section 56, and
(II) the items of tax preference described in paragraphs (1), (5), and (7) of section
57 (a).
(iii) Special rule The adjusted net minimum tax for the taxable year shall be increased by the amount of the credit not allowed under section
30 solely by reason of the application of section
30 (b)(3)(B).
(iv) Credit allowable for exclusion preferences of corporations In the case of a corporation
(I) the preceding provisions of this subparagraph shall not apply, and
(II) the adjusted net minimum tax for any taxable year is the amount of the net minimum tax for such year increased in the manner provided in clause (iii).
(2) Tentative minimum tax The term tentative minimum tax has the meaning given to such term by section
55 (b).
(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) 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 (not in excess of the long-term unused minimum tax credit for such taxable year) equal to the greater of
(i) $5,000,
(ii) 20 percent of the long-term unused minimum tax credit for such taxable year, or
(iii) the amount (if any) of the AMT refundable credit amount determined under this paragraph for the taxpayers preceding taxable year (as determined before any reduction under subparagraph (B)).
(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.
