Congress eyes AMT relief

Congress is expected to approve AMT relief, likely in the form of an increased AMT exemption, to prevent about 20 million individual taxpayers from facing AMT liabilities for 2007. It also will likely pass an extension of applying certain personal tax credits against the AMT. The House in November p...

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Bibliographic Details
Published inExecutive's Tax & Management Report Vol. 71; no. 1; p. 1
Main Author Massey, Bart
Format Newsletter Trade Publication Article
LanguageEnglish
Published Riverwoods CCH, Inc 01.01.2008
CCH INCORPORATED
Subjects
Alternative minimum tax
Bills
Couples
Income taxes
Laws, regulations and rules
Legislation
Minimum tax
Relief provisions
Sales taxes
Tax credits
Tax exemptions
Tax policy
Tax rates
Tax reform
United States
United States > US
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Summary:Congress is expected to approve AMT relief, likely in the form of an increased AMT exemption, to prevent about 20 million individual taxpayers from facing AMT liabilities for 2007. It also will likely pass an extension of applying certain personal tax credits against the AMT. The House in November passed legislation that would increase the AMT individual exemption amount for 2007 to $66,250 for married couples and $44,350 for singles. The Temporary Tax Relief Act of 2007 would also extend for another year (through 2007) the ability to use nonrefundable personal tax credits, such as the dependent care credit, against the AMT. Another AMT-related provision in the House bill would provide relief to taxpayers who either have unused accumulated long-term minimum tax credits or who recognized significant AMT liabilities with respect to exercising incentive stock options (ISO), but later saw the stock values drop precipitously.
ISSN:1098-1594