To amend the Internal Revenue Code of 1986 to allow the nonrefundable personal credits, the standard deduction, and the deduction for personal exemptions in determining alternative minimum tax liability.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to revise the aggregate amount of credits allowed so that such amount shall not exceed the sum of: (1) the taxpayer's regular tax liability; plus (2) the alternative minimum tax amount. Permits the standard deduction and the deduction for personal exemptions to be used in calculating alternative minimum taxable income.…