text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``End Tax Uncertainty Act of 2010''.
  
  SEC. 2. EGTRRA AND JGTRRA TAX RELIEF MADE PERMANENT.
  
      (a) Economic Growth and Tax Relief Reconciliation Act of 2001.--
  Title IX of the Economic Growth and Tax Relief Reconciliation Act of 
  2001 is hereby repealed.
      (b) Income Tax Rates on Dividends and Net Capital Gain.--Section 
  303 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 is 
  hereby repealed.
      (c) Effective Date.--The amendments made by this section shall take 
  effect on the date of the enactment of this Act.
  
  SEC. 3. ESTATE AND GIFT TAX PERMANENTLY REPEALED.
  
      Effective for estates of decedents dying, gifts made, or generation 
  skipping transfers, after December 31, 2010, subtitle B of the Internal 
  Revenue Code of 1986 is repealed.
  
  SEC. 4. PERMANENT INDIVIDUAL AMT RELIEF.
  
      (a) Modification of Alternative Minimum Tax Exemption Amount.--
              (1) In general.--Paragraph (1) of section 55(d) of the 
          Internal Revenue Code of 1986 (relating to exemption amount) is 
          amended to read as follows:
              ``(1) Exemption amount for taxpayers other than 
          corporations.--In the case of a taxpayer other than a 
          corporation, the term `exemption amount' means--
                      ``(A) the dollar amount for taxable years beginning 
                  in the calendar year as specified in the table 
                  contained in paragraph (4)(A) in the case of--
                              ``(i) a joint return, or
                              ``(ii) a surviving spouse,
                      ``(B) the dollar amount for taxable years beginning 
                  in the calendar year as specified in the table 
                  contained in paragraph (4)(B) in the case of an 
                  individual who--
                              ``(i) is not a married individual, and
                              ``(ii) is not a surviving spouse,
                      ``(C) 50 percent of the dollar amount applicable 
                  under paragraph (1)(A) in the case of a married 
                  individual who files a separate return, and
                      ``(D) $22,500 in the case of an estate or trust.
          For purposes of this paragraph, the term `surviving spouse' has 
          the meaning given to such term by section 2(a), and marital 
          status shall be determined under section 7703.''.
              (2) Specified exemption amounts.--Section 55(d) of such 
          Code is amended by adding at the end the following new 
          paragraph:
              ``(4) Specified exemption amounts.--
                      ``(A) Taxpayers described in paragraph (1)(A).--For 
                  purposes of paragraph (1))(A)--
  
  
  ------------------------------------------------------------------------
                                                                   The
               ``For taxable years beginning in--               exemption
                                                                amount is:
  ------------------------------------------------------------------------
  2010.......................................................      $72,450
  2011.......................................................      $74,450
  2012.......................................................      $78,250
  2013.......................................................      $81,450
  2014.......................................................      $85,050
  2015.......................................................      $88,650
  2016.......................................................      $92,650
  2017.......................................................      $96,550
  2018.......................................................     $100,950
  2019.......................................................     $105,150
  2020.......................................................    $109,950.
  ------------------------------------------------------------------------
  
                      ``(B) Taxpayers described in paragraph (1)(B).--For 
                  purposes of paragraph (1))(B)--
  
  
  ------------------------------------------------------------------------
                                                                   The
               ``For taxable years beginning in--               exemption
                                                                amount is:
  ------------------------------------------------------------------------
  2010.......................................................      $47,450
  2011.......................................................      $48,450
  2012.......................................................      $50,350
  2013.......................................................      $51,950
  2014.......................................................      $53,750
  2015.......................................................      $55,550
  2016.......................................................      $57,550
  2017.......................................................      $59,500
  2018.......................................................      $61,700
  2019.......................................................      $63,800
  2020.......................................................  $66,200.''.
  ------------------------------------------------------------------------
  
      (b) Alternative Minimum Tax Relief for Nonrefundable Credits.--
              (1) In general.--Subsection (a) of section 26 of the 
          Internal Revenue Code of 1986 is amended to read as follows:
      ``(a) Limitation Based on Amount of Tax.--The aggregate amount of 
  credits allowed by this subpart for the taxable year shall not exceed 
  the sum of--
              ``(1) the taxpayer's regular tax liability for the taxable 
          year reduced by the foreign tax credit allowable under section 
          27(a), and
              ``(2) the tax imposed by section 55(a) for the taxable 
          year.''.
              (2) Conforming amendments.--
                      (A) Adoption credit.--
                              (i) Section 23(b) of such Code, as in 
                          effect on December 31, 2009, is amended by 
                          striking paragraph (4).
                              (ii) Section 23(c) of such Code, as in 
                          effect on December 31, 2009, is amended by 
                          striking paragraphs (1) and (2) and inserting 
                          the following:
              ``(1) In general.--If the credit allowable under subsection 
          (a) for any taxable year exceeds the limitation imposed by 
          section 26(a) for such taxable year reduced by the sum of the 
          credits allowable under this subpart (other than this section 
          and sections 25D and 1400C), such excess shall be carried to 
          the succeeding taxable year and added to the credit allowable 
          under subsection (a) for such taxable year.''.
                              (iii) Section 23(c) of such Code, as in 
                          effect on December 31, 2009 amended by 
                          redesignating paragraph (3) as paragraph (2).
                      (B) Child tax credit.--
                              (i) Section 24(b) of such Code is amended 
                          by striking paragraph (3).
                              (ii) Section 24(d)(1) of such Code is 
                          amended--
                                      (I) by striking ``section 26(a)(2) 
                                  or subsection (b)(3), as the case may 
                                  be,'' each place it appears in 
                                  subparagraphs (A) and (B) and inserting 
                                  ``section 26(a)'', and
                                      (II) by striking ``section 26(a)(2) 
                                  or subsection (b)(3), as the case may 
                                  be'' in the second last sentence and 
                                  inserting ``section 26(a)''.
                      (C) Credit for interest on certain home 
                  mortgages.--Section 25(e)(1)(C) of such Code is amended 
                  to read as follows:
                      ``(C) Applicable tax limit.--For purposes of this 
                  paragraph, the term `applicable tax limit' means the 
                  limitation imposed by section 26(a) for the taxable 
                  year reduced by the sum of the credits allowable under 
                  this subpart (other than this section and sections 23, 
                  25D, and 1400C).''.
                      (D) Savers' credit.--Section 25B of such Code is 
                  amended by striking subsection (g).
                      (E) Residential energy efficient property.--Section 
                  25D(c) of such Code is amended to read as follows:
      ``(c) Carryforward of Unused Credit.--If the credit allowable under 
  subsection (a) exceeds the limitation imposed by section 26(a) for such 
  taxable year reduced by the sum of the credits allowable under this 
  subpart (other than this section), such excess shall be carried to the 
  succeeding taxable year and added to the credit allowable under 
  subsection (a) for such succeeding taxable year.''.
                      (F) Certain plug-in electric vehicles.--Section 
                  30(c)(2) of such Code is amended to read as follows:
              ``(2) Personal credit.--For purposes of this title, the 
          credit allowed under subsection (a) for any taxable year 
          (determined after application of paragraph (1)) shall be 
          treated as a credit allowable under subpart A for such taxable 
          year.''.
                      (G) Alternative motor vehicle credit.--Section 
                  30B(g)(2) of such Code is amended to read as follows:
              ``(2) Personal credit.--For purposes of this title, the 
          credit allowed under subsection (a) for any taxable year 
          (determined after application of paragraph (1)) shall be 
          treated as a credit allowable under subpart A for such taxable 
          year.''.
                      (H) New qualified plug-in electric vehicle 
                  credit.--Section 30D(c)(2) of such Code is amended to 
                  read as follows:
              ``(2) Personal credit.--For purposes of this title, the 
          credit allowed under subsection (a) for any taxable year 
          (determined after application of paragraph (1)) shall be 
          treated as a credit allowable under subpart A for such taxable 
          year.''.
                      (I) Cross references.--Section 55(c)(3) of such 
                  Code is amended by striking ``26(a), 30C(d)(2),'' and 
                  inserting ``30C(d)(2)''.
                      (J) Foreign tax credit.--Section 904 of such Code 
                  is amended by striking subsection (i) and by 
                  redesignating subsections (j) , (k), and (l) as 
                  subsections (i), (j), and (k), respectively.
                      (K) First-time home buyer credit for the district 
                  of columbia.--Section 1400C(d) of such Code is amended 
                  to read as follows:
      ``(d) Carryforward of Unused Credit.--If the credit allowable under 
  subsection (a) exceeds the limitation imposed by section 26(a) for such 
  taxable year reduced by the sum of the credits allowable under subpart 
  A of part IV of subchapter A (other than this section and section 25D), 
  such excess shall be carried to the succeeding taxable year and added 
  to the credit allowable under subsection (a) for such taxable year.''.
      (c) Effective Date.--The amendments made by this section shall 
  apply to taxable years beginning after December 31, 2009.
  
  SEC. 5. MAXIMUM CORPORATE INCOME TAX RATE REDUCED TO 25 PERCENT.
  
      (a) In General.--Paragraph (1) of section 11(b) of the Internal 
  Revenue Code of 1986 is amended by striking ``but does not exceed 
  $75,000'' and all that follows and inserting a period.
      (b) Personal Service Corporations.--Paragraph (2) of section 11(b) 
  of such Code is amended by striking ``35 percent'' and inserting ``25 
  percent''.
      (c) Conforming Amendments.--
              (1) Subsection (a) of section 1201 of such Code is amended 
          by striking ``35 percent'' each place it appears and inserting 
          ``25 percent''.
              (2) Paragraphs (1) and (2) of section 1445(e) of such Code 
          are each amended by striking ``35 percent'' and inserting ``25 
          percent''.
      (d) Effective Date.--The amendment made by this section shall apply 
  to taxable years beginning after December 31, 2010.
target: End Tax Uncertainty Act of 2010 - Makes permanent: (1) the Economic Growth and Tax Relief Reconciliation Act of 2001; (2) provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 that reduce income tax rates on dividend and capital gains income; and (3) the repeal, after December 31, 2010, of the estate, gift, and generation-skipping transfer tax.
  
  Amends the Internal Revenue Code to: (1) provide for annual increases, between 2010 and 2020, in the amount of the alternative minimum tax (AMT) exemption amount for single and married taxpayers; (2) allow a permanent offset against the AMT for certain nonrefundable tax credits; and (3) reduce to 25% the maximum income tax rate for corporations, including personal service corporations.
feat_title: To prevent pending tax increases and to permanently repeal estate and gift taxes, and for other purposes.