Friday, September 26, 2008

House Passes Disaster Tax Assistance and AMT "Patch" Bills

The House of Representatives, responding to legislation concurrently under review in the Senate, passed on Wednesday an adjustment to the alternative minimum tax to effectively remove middle-income taxpayers from being at risk and a disaster relief bills which gives taxpayers in declared disaster areas throughout the country similar tax relief and reporting deferral to those traditionally given to hurricane victims. The one-year AMT legislation is often called a "patch" to indicate a short-term solution. Extenders of certain other deductions and credits was under consideration Thursday.

It is good that AMT is getting patched before December this year. Nevertheless, I hope that a long-term solution to AMT is passed in 2009.

NOTE: A previous post about Al Franken has been removed as it appears that the post might have been out of date.


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