To amend the Internal Revenue Code of 1986 to repeal the alternative minimum tax treatment of incentive stock options, thereby changing the taxable event from the exercise of the stock option to the sale of stock.

H.R. 5141 would change how the Alternative Minimum Tax (AMT) applies to incentive stock options by delaying taxation until the stock is actually sold, rather than when the options are exercised. This change would prevent taxpayers from being taxed on the "paper gains" of stock they have not yet liquidated, which can lead to significant tax bills if the stock's value drops before it is sold. The bill would apply retroactively to options exercised in or after the year 2000, allowing affected individuals to claim refunds for taxes previously paid under the old rules.