12/20/2007
President expected to sign bill into law
In a victory for small business, the U.S. House passed H.R. 3996, a one-year AMT patch, Wednesday by a vote of 352-64. The Senate passed the legislation Dec. 6 by a vote of 88-5, and President Bush is expected to sign it into law soon.
The bill seeks to increase the AMT exemption amount to $66,250 for joint filers and $44,350 for single filers, ensuring that no additional taxpayers are subject to the AMT this year. However, because the patch only applies to the upcoming tax season, Congress will have to address the issue again next year.
NFIB fought for this patch, and is pleased that Congress passed this important tax relief without additional tax increases. Without this patch, 23 million taxpayers--including small-business owners--would have been subject to the AMT. The legislation will also ensure that small businesses are not hit with additional tax increases, as any new tax cut or mandatory spending bill must be "paid for," meaning Congress must either raise taxes or cut spending.
We will continue to fight for permanent AMT relief that does not burden small business with an offsetting tax increase.
