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House Gives Senate Another Chance To Pass AMT Relief,
by Mike Godfrey, Tax-News.com, Washington
Thursday, December 13, 2007
House Ways and Means Committee Chairman Charles Rangel (D-NY), has jettisoned
a number of revenue-raising provisions from alternative minimum tax legislation,
in a bid to get an AMT relief bill through the Senate before the Congressional
recess.
Rangel’s new bill, called the AMT Relief Act of 2007, has been introduced
in direct response to a Senate Republican filibuster last week of a previous
House-passed bill to provide AMT relief because some provisions in the bill
were too controversial for the Senate to accept this year.
Rangel’s legislation removes a number of the 'pay for' provisions opposed
by Senate Republicans - including the contentious proposal to change the tax
treatment of private equity funds' carried interest - and instead includes others
that have received broad bipartisan support. Rangel says the bill would also
provide a tax cut to millions of families by enhancing the refundable child
tax credit, estimated to help more than 12 million children nationwide.
"Senate Republicans have defined themselves as an obstacle to providing
responsible AMT relief, suggesting that provisions in previous legislation were
too controversial to pass Congress this year," commented the Ways and Means
Chairman on Tuesday. "This new bill removes those controversial pay-fors,
and incorporates provisions that have been suggested to receive broad support
in the Congress. The House will consider and pass this legislation tomorrow
(12 December), giving the Senate one more chance to do the right thing and pass
this critical tax relief without adding to the deficit."
Rangel's bill would extend for one year AMT relief for nonrefundable personal
credits, and increase the AMT exemption amount to $66,250 for joint filers and
$44,350 for single filers, to ensure that no additional taxpayers are liable
for the AMT this year. The legislation would also increase the eligibility for
the refundable child tax credit in 2008 by lowering the income floor for qualification
to $8,500.
On the revenue side, the bill retains a provision that would prevent hedge
fund managers from deferring compensation and tax by using offshore accounts.
The legislation would also: delay the implementation of a liberalized rule
for allocating interest expense between United States sources and foreign sources
for purposes of determining a taxpayer’s foreign tax credit limitation;
clarify the economic substance doctrine; introduce a uniform penalty for failure
to file partnership and S corporation returns increase information return penalties;
and increase general failure to file return penalties by taking inflation into
account.
By delaying action on AMT relief, Congress risks dragging an estimated 21 million
extra taxpayers, some with incomes as low as $75,000, into a system designed
to prevent a wealthy handful from avoiding tax altogether.
"Senate Republicans are running out of time and excuses for their obstruction
and I hope they will not continue to stand in the way of this must-pass legislation,"
Rangel concluded.
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