This statutory initiative amends state law to exclude from the AMT calculation any income resulting from the exercise of ISOs. Thus, the difference between the option price and the market price would not be considered income for AMT purposes. This change would result in a reduction in revenues stemming from the AMT. There would be some offsetting increases in revenues from the regular PIT in future years as the assets are sold. This is due to the fact that the AMT would no longer apply to exercised ISOs and thus no credits would be available in future years from the AMT on exercised ISOs.