House passes alternative minimum tax relief
By JIM ABRAMS
Associated Press
June 26, 2008
Page 2 of 2
The bill would also disallow certain deductions oil and natural gas companies receive for domestic production, bringing in $13.6 billion.
A third provision requires credit card companies to inform the IRS of payments they make to merchants for credit and debit card transactions. This would allow the IRS to better track business income, raising some $9.8 billion. Finally,the bill closes a loophole used by foreign multinationals to avoid taxes on income earned in the United States, raising almost $7 billion.
The White House threatened a presidential veto of the AMT fix if it is accompanied by the new revenue provisions. ''The administration urges Congress to reduce the risk of disruption to the 2009 tax filing season by eliminating tax increases from the bill,'' it said in a statement.
The fight over offsets last year forced the IRS to delay sending out refunds to millions of taxpayers because it had to adjust its computer programs to comply with the late changes in the AMT law.
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