Push intensifies for AMT relief

Congressional efforts to rein in the effect of the alternative minimum tax continue to grow. Introduced last month was HR 1942, which would allow deductions for state and local taxes for taxpayers subject to the AMT, along with creating inflationary adjustments to AMT exemption amounts. HR 1943, also introduced last month, would adjust exemption amounts.
These two measures are among a handful of bills introduced this year that aim to either abolish the AMT or minimize its effect on taxpayers.