Thursday, June 26, 2008

H.R. 6275 Alternative Minimum Tax Relief Act of 2008

Well that is the name of it. And it is winding it's way through congress.
6/17/2008--Introduced.
Alternative Minimum Tax Relief Act of 2008 - Amends the Internal Revenue Code to: (1) increase and extend through 2008 the alternative minimum tax (AMT) exemption amounts; (2) extend through 2008 the offset of certain nonrefundable personal tax credits against regular and AMT tax liabilities; (3) treat net income and loss from an investment services partnership interest as ordinary income and loss; (4) deny major integrated oil companies a tax deduction for income attributable to domestic production of oil, gas, or primary products thereof; (5) limit tax treaty benefits with respect to U.S. withholding of tax requirements imposed on certain tax deductible payments made directly to a foreign parent corporation; (6) require payment settlement entities to report certain identifying information to the Internal Revenue Service (IRS) relating to the settlement of payment card and third party network transactions; and (7) extend the applicability of the continuous levy for delinquent taxes on payments due to a vendor to property or services sold or leased to the federal government (currently, applicable to goods or services).
Amends the Tax Increase Prevention and Reconciliation Act of 2005 to increase estimated tax payments due in the third quarters of 2012 and 2013 for certain large corporations (corporations with assets of at least $1 billion).
Charlie Rangel introduced this bill and you would think by the title some sort of relief was forth coming, but that isn't the case at all. There is no relief, just a change in the level of income at which the AMT will kick in. The whole thing needs to be abolished.
(a) In General- Paragraph (1) of section 55(d) is amended--

(1) by striking ‘($66,250 in the case of taxable years beginning in 2007)’ in subparagraph (A) and inserting ‘($69,950 in the case of taxable years beginning in 2008)’, and

(2) by striking ‘($44,350 in the case of taxable years beginning in 2007)’ in subparagraph (B) and inserting ‘($46,200 in the case of taxable years beginning in 2008)’.


And as far as Chris "Sweetheart Deal" Dodd is concerned, here is how he is going to deflect from the whole Countrywide scandal.
S. 3188: A bill for the liquidation or reliquidation of certain entries of top-of-the-stove...

A bill for the liquidation or reliquidation of certain entries of top-of-the-stove stainless steel cooking ware from the Republic of Korea, and for other purposes.
I guess he got a bad sauce pan from Korea or something, because by golly molly he is going to send the full weight and force of the US government against the stainless steel cooking ware industry. Shady practices by large mortgage companies resulting in a severe impact to the US economy,...Not so much.