WASHINGTON - Ways and Means Committee Chairman Charles B. Rangel (D-NY) introduced H.R. 3996, the Temporary Tax Relief Act of 2007, today to protect more than 23 million families from the alternative minimum tax (AMT) and to extend popular tax credits and deductions that expire at the end of the year. Chairman Rangel’s bill would provide tax relief to middle-class families by ensuring that the number of taxpayers subject to the AMT will not increase. Failure to pass this legislation would result in more than 23 million families facing a tax increase this year. The Committee will consider H.R. 3996 on Thursday, November 1 at 11:00 AM.
"This must-pass legislation provides tax relief to millions of families who, through no fault of their own, would be forced to pay higher taxes under the AMT," said Chairman Rangel. "I have received assurances from the House leadership that this bill will receive swift consideration in the House following Thursday’s markup. While this legislation provides critical tax relief to middle-class families, we must do so without adding to the deficit and forcing future generations to pay for the decisions we make today. The legislation we consider on Thursday will be revenue-neutral."
The legislation further provides tax relief for middle-class families through a one-year provision increasing eligibility for the refundable child tax credit for one year as well as an extension of the deduction for State and local sales taxes, which would expire at the end of this year.
As introduced, the bill text includes only provisions for temporary AMT relief, enhanced child tax credit and extension of expiring provisions. Provisions to offset the revenue lost through these measures in order to comply with pay-as-you-go budget rules will be introduced in the Chairman’s mark for consideration by the Committee on Thursday.
