A bill to amend the Internal Revenue Code of 1954 to revise certain provisions concerning the minimum tax for tax preferences, the taxation of capital gains, and the deductibility of certain amounts for interest, depletion and State and local income taxes.

[AI summary unavailable — showing source text] Sets forth provisions concerning the minimum tax for tax preferences, the taxation of capital gains, and the deductibility of certain amounts for interests, depletion, and State and local income taxes, under the Internal Revenue Code. Provides that the Secretary of the Treasury or his delegate shall, as soon as practicable but in any event not later than 90 days after the date of the enactment of this Act, submit to the Committee on Ways and Means of the House of Representatives a draft of any technical and conforming changes in the Internal Revenue Code of 1954 which are necessary to reflect throughout such Code the changes in the substantive provisions of law made by this Act. Imposes for each taxable year, with respect to the income of every person, a tax equal to 20 percent (instead of 10 percent) of the amount (if any) by which the sum of the items of tax preference exceeds $12,000 (instead of $30,000). States that in the case of an item of tax preference which is a deduction from gross income, the taxpayer may elect to waive the deduction of all or part of such item, and the amount so waived shall not be taken into account for purposes of this part. Declares that in the case …