House Passes Alternative Minimum Tax Legislation
September 26, 2008
Because of your interest in the Alternative Minimum Tax (AMT) I thought you'd want to know that this week I voted for AMT reform legislation that will ensure that the AMT will not be levied this year against middle-income taxpayers. While, this represents only a 'one-year fix', I remain committed to totally eliminating the AMT tax. H.R. 7005, the Alternative Minimum Tax Relief Act of 2008 will prevent an additional 25 million American taxpayers from being subject to the AMT on their 2008 tax returns and it will reduce or eliminate the AMT obligation for 121,033 tax filers in our Congressional District.
The legislation increases the AMT exemption amount to $69,950 for joint filers and $46,200 for individuals. The bill also provides relief for AMT taxpayers who have exercised incentive stock options and would make changes to the refundable AMT credit. While I would have preferred to completely eliminate the AMT, this bill provides immediate relief to many working families.
If you have any questions or comments, let me hear from you. I always appreciate hearing from my constituents and ask that you continue to inform me on issues you care about. I need your thoughts and benefit from your ideas. This legislation is accountable and responsible and I'm proud to support it.
For more information and updates on the progress of this and other topics, I encourage you to visit my website.
Anna G. Eshoo
Member of Congress