WASHINGTON - Ways and Means Committee Chairman Charles B. Rangel (D-NY) introduced H.R. 6275, the Alternative Minimum Tax Relief Act of 2008, today to protect millions of middle-class families from the alternative minimum tax (AMT) this year. Chairman Rangel’s bill would responsibly 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 25 million families facing a tax increase this year. The Committee will consider H.R. 6275 tomorrow at 10:30 AM.
“This must-pass legislation provides tax relief to millions of families who would otherwise be forced to pay higher taxes under the AMT through no fault of their own," said Chairman Rangel. “The Alternative Minimum Tax Relief Act of 2008 would deliver this tax relief to middle-class families without adding to the deficit and without forcing future generations to pay for the decisions we make today. I look forward to its consideration in Committee tomorrow and strong support in the House of Representatives in the coming weeks."
The legislation provides one-year relief from the AMT without adding to the deficit by closing loopholes in the tax code, encouraging tax compliance, and repealing excessive government subsidies given to oil companies.
Please use the following links to view a summary and text of the Alternative Minimum Tax Relief Act of 2008.
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