American Samoa § 11.0503 - Section 5 added.

§ 11.0503. Section 5 added.

Section 5 is added to read: “SEC. 5. ALTERNATE MINIMUM TAX. In the case of a taxpayer other than a corporation, if an amount equal to 4% for tax year 2001 and 4% for tax years thereafter of the adjusted gross income exceeds the regular tax for the taxable year then there is imposed a tax equal to such excess. For the purpose of this section the term “regular tax” means the tax imposed by sections 1 and 3 for the taxable year reduced by the credits allowable under subpart A of Part IV of this subchapter other than that allowed by section 31. This alternate minimum tax does not apply to a handicapped taxpayer who earns $1,000 or less, or to the first $5,000 earned by a taxpayer age 65 or over during the taxable year. The term handicapped taxpayer means an individual with a mental disability resulting in subaverage intellectual functioning or impaired social competence, or with a physical disability, infirmity, malformation, or disfigurement which is caused by bodily injury, birth defect, or illness, including epilepsy. It shall include without limitation any degree of paralysis; amputation; lack of physical coordination; blindness or visual impediment; deafness or hearing impediment; muteness or speech impediment; or physical reliance on a guide dog for the blind, a wheelchair, or any other remedial appliance or device. Amendments: 1980 changed section 6 to section 5 and amended section generally. 1984 Added to Section 5 to exempt certain handicapped taxpayers from tax. 1985 Added “or to the first $5,000 earned by a taxpayer age 65 or over”. 2001 Changed 2% alternate minimum tax to 4% for tax year 2001 and tax years thereafter.