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.

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.