Will We See AMT Relief Tomorrow? | USTaxAid

Diane Kennedy's Blog

Will We See AMT Relief Tomorrow?

Written by Diane Kennedy, CPA on December 19, 2007

It looks like tomorrow Congress will take another crack at resolving the AMT logjam. An “omnibus” spending bill got through the House this afternoon with the AMT patch attached, and was sent up to Senate to be voted upon tomorrow. It also has the Iraq funding that President Bush insisted upon as a condition of passing the bill when it reaches his desk. But will that be enough to finally get the patch done?

It’s not certain. On one hand, the bill contains millions of dollars in earmarks that Republicans are loudly criticizing. And, although the Democrats have included a full set of PAYGO provisions to cover the money that won’t be raised through AMT if the bill passes, those same provisions have already been rejected once by the Senate.

Both sides continue to point fingers at each other. That will certainly continue if Congress adjourns without passing anything. Many hope that the Dems will give in and allow the one-year patch to get through without offsets, but that is far from a done deal.

We’ll be watching closely tomorrow to see what happens, and will update you as soon as we’ve got something to tell you.

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