Saturday, December 15, 2007

AMT Update – Expect Delays

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The House was able to pass an alternative minimum tax (AMT) relief bill on December 12, but the new measure contains more than $50 billion in revenue increases that critics believe are unlikely to win support in the Senate. Some of the highlights include:

AMT relief for nonrefundable personal credits and increases the AMT exemption amount to $66,250 for joint filers and $44,350 for individuals. The bill would also provide relief for AMT taxpayers who have exercised incentive stock options and would make changes to the refundable AMT credit. The measure also includes a provision to increase the eligibility of the refundable child tax credit.

No it is back to the Senate, at the rate things are going the IRS estimates that e-filed returns will not be able to be processed until mid-February.
We will keep a close eye on the developments regarding the AMT and YOU.

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