Senate Finance Committee Approves Stimulus Bill With One-Year AMT Patch

The Senate Finance Committee yesterday approved the economic stimulus legislation (S. 1) 14-9 after adding a one-year AMT patch costing $70 billion, bringing the tax portion of the bill to $342 billion.   The patch would increase the exemptions from $46,200 to $46,700 for individuals and from $69,950 to $70,950 for couples.

• Senate Finance Committtee, Press Release
• Joint Committee on Taxation, Description of Chairman's Mark (JCX 12-09)
• Joint Committee on Taxation, Revenue Estimate of Chairman's Mark (JCX 13-09)
• Associated Press, Senate Panel Adds Big Tax Break to Stimulus
• ataxingmatter:
  • Economic Stimulus (Part I)
  • Economic Stimulus (Part II):  AMT
  • Economic Stimulus (Part III): Class Warfare, Income Inequality, and -- Tax Cuts as Economic Stimulus?
• Bloomberg, Senate Panel Adds $70 Billion Tax Relief to Stimulus
• Dow Jones, Senate Panel Adds AMT Protections to U.S. Recovery Bill
• The Hill, Senate Finance Adds AMT Patch to Stimulus 
• Reuters, Senate Panel Expands Stimulus Plan With Tax Fix
• Roth & Co., Senate Finance Committee Stimulus Bill Includes AMT Patch
• Wall Street Journal, Senate Provision Would Let Buyout Firms Defer Taxes on Canceled Debt
• WebCPA, Senate Committee Approves Simulus Tax Cuts