A bill to amend the Internal Revenue Code of 1954 with respect to the treatment of incentive stock options.

Amends the Internal Revenue Code to repeal the inclusion of incentive stock options as an item of tax preference for purposes of the minimum tax.

Repeals requirements that incentive stock options must be exercised in chronological order. Modifies the present $100,000 limit on the aggregate amount of incentive stock options which an employer may grant per year.