Sunday, November 11, 2007


* As usual Paul Caron, the internet’s TAX PROF, has comprehensive coverage of Friday’s passage of the Temporary Tax Relief Act of 2007 in his post “House Approves One-Year AMT Patch, 216-193

Paul reports that 8 Democrats crossed party lines to vote against the AMT fix bill, while Republicans voted as a block against it. The Republican vote is no surprise (see my post on “AMT Update”).

* Last week the House unanimously (410-0) passed H.R. 3997, the Heroes Earnings Assistance and Relief Tax Act of 2007 (aka the HEART Act), which provides $2 Billion in tax relief for members of the military and their families. Click here for a summary of the bill’s provisions for military personnel.

The bill also excludes from the taxable income of members of qualified volunteer emergency response organizations (i.e Volunteer Fire Departments and volunteer EMS squads) rebates of state or local income, real property or local personal property tax, and qualified reimbursement payments (up to $30 a month) for expenses incurred in connection with volunteer duties, effective with tax 2008.

The tax relief would be paid for by increased penalties for business and information returns.


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