Tax Increase Prevention Act of 2007

The Tax Increase Prevention Act of 2007 (H.R.3996) was a bill in the 110th Congress "to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes.” (Official title)

Current status


Bill summary
According to Project Vote Smart, the bill


 * Extends the alternative minimum tax limit for nonrefundable personal credits to 2007 and increases the amounts of exemption from $62,550 to $66,250 for joint tax returns and from $42,500 to $44,350 for individual tax returns (Sec. 2).

Key votes
The House passed an initial version of the bill on November 9, 2007 by a vote of 216-193. 

The U.S. Chamber of Commerce, which opposed passage, selected the vote for its 2007 House scorecard, where it gave the following description: "Despite strong opposition by the Chamber, the House passed 216-193, H.R. 3996, the Temporary Tax Relief Act of 2007, a bill that would have signifi cantly increased taxes on American businesses. While the Chamber supported the goal of extending alternative minimum tax (AMT) relief, it did not agree with permanently increasing taxes on American businesses to pay for a short-term extension of AMT relief. In an important victory for the Chamber, the House and Senate agreed to extend AMT relief without imposing any tax increases that would have harmed American businesses and the economy. The legislation was signed into law by the president on December 26."

On December 6, 2007 a cloture vote to proceed directly to H.R. 3996 failed in the Senate by a vote of 46-48. 

Later that day, the Senate passed the bill with amendments by a vote of 88-5. 

After the bill was amended in the Senate, a final version passed the House on December 19, 2007 by a vote of 352-64.



President Bush signed the bill into law on December 26, 2007.

Supporters

 * Consumer Federation of America
 * National Active and Retired Federal Employees Association
 * National Association for the Advancement of Colored People
 * National Treasury Employees Union

Opponents

 * Access to Capital Coalition
 * Real Estate Roundtable
 * U.S. Chamber of Commerce

Articles and resources

 * The Washington Post's article AMT Patch To Delay Tax Filings By 1 Month 28 Dec 2007.
 * The New York Times' article Congress Averts Higher Tax Bill for Middle Class 20 Dec 2007.
 * The Hill's article Centrist Dems in tough spot on Alternative Minimum Tax bill 9 Nov 2007.