Year after year more taxpayers potentially become subject to the separate tax system otherwise known as the Alternative Minimum Tax, or AMT.
It wasn’t until late in 2007 that Congress passed the Tax Increase Prevention Act of 2007 as a one-year patch to AMT. This bill caused many headaches in the IRS due to its late approval and effect on many IRS tax forms (blogged about here and here).
For 2008, Congress appears to be ahead of the curve as the House Ways & Means Committee approved the Alternative Minimum Tax Relief Act of 2008, H.R. 6275, by a vote of 22-16 on Thursday.
Still, there is a bit of work left to do until this bill is approved in order to provide another year of relief for taxpayers. Stay tuned.
