TAX LAW CHANGES
House of Representatives Approves AMT Patch
The House of Representatives has approved an AMT patch, 352-64, which now goes to the president for his signature. The Treasury Department released the following statement from Treasury Secretary Henry M. Paulson, Jr. on final passage of a patch for the Alternative Minimum Tax:
"I thank the House for taking action today on an AMT patch that will protect millions of Americans from an unexpected tax increase this year. With legislation now on the way to the President for his signature, the Internal Revenue Service can begin the remaining preparations for next year's filing season."
"The IRS is doing all it can to have a fully successful filing season. However, it is likely that there will be some delays, including delays of some refunds. The Treasury Department and the Internal Revenue Service will do everything possible to keep American taxpayers informed throughout the course of the upcoming filing season."
The IRS may announce its plans as early as today (Thursday). Learn more at the AMT Information Center on Digits.