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Post details: President Signs One-Year Extension of AMT Patch
12/27/07
President Signs One-Year Extension of AMT Patch
CCH (cch.taxgroup.com) reports:
President Bush on December 26 signed a one-year extension of the alternative minimum tax (AMT) patch, effective January 1, 2007. Absent enactment of the temporary fix, the administration predicted that an estimated 25 million taxpayers would pay on average an additional $2,000 in taxes for the 2007 tax year.
The Tax Increase Prevention Act of 2007 (HR 3996) increases the AMT exemption amount for 2007 to $44,350 for single taxpayers and heads of households, $66,250 for married couples filing jointly, and $33,125 for married couples filing separately. The new law allows taxpayers to use most nonrefundable personal tax credits to offset AMT liability. These include the dependent care, HOPE and lifetime learning education credits and the District of Columbia first-time homebuyer's credit.
By Paula Cruickshank, CCH News Staff
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