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HOUSE CAVES, AMT PATCH PASSES

December 19, 2007

The House of Representatives caved this afternoon and passed a an "AMT Patch" for 2007 with no offsetting tax increases. The President is expected to sign the bill.

The House apparently passed the version of HR 3996 passed by the Senate December 6. The bill increases the AMT exemption to $66,250 for a joint return and $44,350 for single filers. The amounts were $62,550 and $42,500 for 2006. If Congress had failed to pass a "patch," the exemptions would have reverted to $45,000 for joint returns and $33,750 for singles, adding an estimated 19 million additional taxpayers to the AMT rolls.

As the patch only covers 2007, it kicks the problem into 2008 - an election year. More fun awaits.

Link: Statement by Treasury Secretary

Related: HOUSE PASSES DOOMED AMT PATCH BILL

UPDATE: The TaxProf has a roundup.

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