Alternative minimum tax repealed

Senators passed a bill May 29 that makes changes to the computation of income taxes.

LB308, introduced by Columbus Sen. Paul Schumacher, eliminates the federal alternative minimum tax (AMT) calculation for individual state income tax purposes for taxable years beginning Jan. 1, 2014.

The proposed changes apply to estates and trusts required to pay state income taxes. The federal credit for prior year AMT for taxable years beginning in 2014 also is eliminated.

The bill passed on a 48-0 vote.