Wednesday, October 31, 2007

AS THE CONGRESS TURNS

Today’s CCH daily email Tax Newsletter reported that “Ways and Means Chairman Rangel Introduces AMT Patch Bill”.
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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.
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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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