WASHINGTON - Ways and Means Committee Chairman Charles B. Rangel (D-NY) issued the following statement on Senate passage of an amended version of H.R. 3996, legislation to provide critical alternative minimum tax (AMT) relief for taxpayers. The Senate legislation would provide one-year AMT relief without providing offsets to pay for the bill.
"I want to applaud Senate Majority Leader Reid and Finance Committee Chairman Baucus for their attempts to bring responsible AMT legislation before the Senate for an up or down vote. The resulting filibuster made it clear where the obstructions lie in Congress - with Senate Republicans.
"We had hoped the Senate would support House-passed legislation to provide AMT relief without adding to the deficit. As I outlined earlier today, I am drafting amendments to the legislation passed by the Senate tonight to address the political opposition in their body. The House will consider these amendments so that we may give the Senate another chance to do the right thing and pass responsible AMT relief."
Tonight’s passage of an amended version of H.R. 3996 in the Senate followed weeks of obstruction and filibuster on the legislation by Senate Republicans. Earlier today, Chairman Rangel issued a news release outlining his plan to draft new legislation to provide immediate relief from the AMT paid for by provisions including one that would close an existing tax loophole allowing billions of dollars to escape taxation in offshore funds. This provision has received broad interest and was included in H.R. 3996 as passed by the House in November.
