House Passes Revenue-Neutral AMT Patch with Non-Veto Proof Majority

The House last night voted 226-193 (a non-veto proof majority) to approve Ways & Means Committee Chairman Charlie Rangel's revenue-neutral AMT patch (H.R. 4351, The AMT Relief Act of 2007).  Earlier in the day, President Bush relased a Statement of Administration Policy threatening to veto the bill.

Legislative documents:

• Ways & Means Committee, Press Release
• Ways & Means Committee, Short Summary
• Ways & Means Committee, Detailed Summary
• Legislative Text
• Joint Committee on Taxation, Technical Explanation (JCX-113-07)
• Joint Committee on Taxation, Estimated Revenue Effects (JCX-114-07)

Press coverage:

• Associated Press:  House Passes Tax Relief, by Jim Abrams
• Bloomberg:  House Votes Minimum Tax Cut, Closes Fund Loophole, by Alison Fitzgerald
• CNN Money:  AMT: House Passes Fix, Senate Likely to Kill, by Jeanne Sahadi
• Reuters:  House Approves Bill on Alternative Minimum Tax, by Donna Smith
• Tax Foundation:  Hypothetical Examples of Families That Are in the AMT Patch, by Gerald Prante