November 9, 2007

House Dems Vote on AMT Bill

Paulson says AMT patch must come before year-end

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The U.S. House of Representatives today passed by a vote of 216-193 H.R.

3996, the Temporary Tax Relief Act of 2007, which would ensure that no

additional taxpayers pay the AMT this year. The bill would also extend

popular tax credits and deductions such as the deduction for state and local

sales tax, tuition, out-of-pocket expenses for teachers and research and

development that would otherwise expire at the end of the year.

Secretary of the Treasury Henry Paulson told Congress in a recent letter that it must enact an AMT patch by early November so that 25 million taxpayers won't get hit with the AMT on their 2007 taxes. Paulson also wrote that "if a patch is not enacted until mid-December, an additional 25 million taxpayers--50 million total--could see delays in up to $75 billion dollars in refunds."

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