A bill to amend the Internal Revenue Code of 1954 to increase the effectiveness of the minimum tax for tax preferences.

Imposes, under provisions of the Internal Revenue Code relating to the imposition of a minimum tax for tax preferences, with respect to the income of every person, a tax equal to 10 percent of the amount (if any) by which the sum of the items of tax preference exceeds the excludable amount. States that such tax shall apply to taxable years beginning after December 31, 1974.