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NO TAX RECONCILIATION, AMT PUNT UNTIL FEBRUARY

December 23, 2005

Congress is going on break with the one-year alternative minimum tax punt and the tax reconciliation bill still not passed. Both houses have passed a tax reconciliation bill, but it has to go to conference. The house has also passed a stand-alone bill to keep the current law higher AMT exemption in place for one more year.

Republicans want to pass AMT relief as a stand-alone bill to leave room in the tax reconciliation to extend the 15% top dividend and capital gain rates beyond 2008. Democrats opposing the 15% rate extension ran out the clock before the recess and now nothing will happen until February.

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