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Friday, November 9, 2007

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."

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