House Approves One-Year AMT Patch, 216-193

The House approved H.R. 3996, the Temporary Tax Relief Act of 2007, by a vote of 216-193.  Eight Democrats crossed party lines to vote with the Republicans in opposition to the bill, while Republicans voted as a block against it.  The bill's passage came in the face of yesterday's veto threat from President Bush and set up a showdown next month with the Senate.  The bill includes a one-year AMT patch, a one-year extension of various popular temporary tax provisions, and an increase in the tax rate on "carried interest."

Press Reports:

• Associated Press
• Bloomberg News
• Forbes
• The Hill
• Reuters
• United Press International
• Wall Street Journal
• Washington Post

Legislative Documents:

• Ways & Means Committee Democrats' Press Releases:
  • 11/8/07
  • 11/9/07
  • 11/9/07
  • Letters in Support
• Ways & Means Committee Republicans' Press Release
  • Joint Tax Committee Revenue Estimate Request
• Legislative Text as Introduced
• House Report No. 431
• Chairman's Amendment in Nature of Substitute
  • Ways & Means Committee Summary
  • Joint Tax Committee Description
  • Joint Tax Committee Estimated Revenue Effects
  • CBO Cost Estimate
• Legislative Text as Reported