House Passes AMT Patch with No Offsets

The House of Representatives has passed a patch for 2007 tax law to prevent about 20 million new tax returns from being hit with the Alternative Minimum Tax. The bill now awaits President Bush’s signature. The bill passed 352-64. (All those opposing were Democrats.) Here is the roll call vote record.

Following Bush’s signature, the AMT exemption amounts for 2007 are as follows:

Married Filing Jointly: $66,250
Single: $44,350
Married Filing Separately: $33,125

Based on current law (prior to president’s signature), the AMT exemption amounts are as follows (1993 tax law same as 2007 current law):

Married Filing Jointly: $45,000
Single: $33,750
Married Filing Separately: $22,500

In 2006 (last year), the AMT exemption amounts were as follows:

Married Filing Jointly: $62,550
Single: $42,500
Married Filing Separately: $31,275