Wednesday, October 31, 2007


Today’s CCH daily email Tax Newsletter reported that “Ways and Means Chairman Rangel Introduces AMT Patch Bill”.
According to the article, on October 30th Rangel introduced the Temporary Tax Relief Bill of 2007 (HR 3996), a bill that will be “marked up” by the committee on November 2 and is likely to move swiftly to the House floor for a vote.
The bill would provide one year of AMT relief for nonrefundable personal credits, and it would increase the AMT exemption amount to $66,250 for joint filers and $44,350 for individuals for 2007. The measure also includes the one-year extension of a host of expiring business and individual tax provisions known as the "extenders" and repeals the authority of the IRS to use private debt collectors (hurray!).

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