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HR 3996 - Temporary Alternative Minimum Tax Adjustment Act of 2007 - National Key Vote

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Title: Temporary Alternative Minimum Tax Adjustment Act of 2007

Vote Smart's Synopsis:

Vote to pass a bill that extends the alternative minimum tax credit through 2007.

Highlights:

  • 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).

Full Bill Text

See How Your Politicians Voted

Title: Temporary Tax Adjustments Act of 2007

Vote Smart's Synopsis:

Vote to pass a bill that extends various tax credits, including the alternative minimum tax credits, for an additional year.

Highlights:

  • 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 (Secs. 101, 102).
  • Extends the deduction for state and local sales taxes to Jan. 1, 2009 (Sec. 301).
  • Extends the deduction for qualified tuition to Dec. 31, 2008 (Sec. 302).
  • Extends the deduction for certain expenses of elementary and secondary school teachers to the taxable year starting in 2008 (Sec. 307).
  • Designates a state legislature as being in session for any day on which it is formally called into session without regard to whether legislation was considered, for the purposes of determining legislators' living expenses based on days in session starting in the taxable year 2008 (Sec. 313).
  • Treats any net income or loss for partners providing investment management services to partnership as ordinary income or loss, unless the partner is providing capital investment services (Sec. 611).

NOTE: THIS IS A VOTE TO INVOKE CLOTURE ON A MOTION TO PROCEED, WHICH SENDS THE LEGISLATION TO THE FLOOR OF THE SENATE FOR DEBATE AND AMENDMENT. A MOTION TO PROCEED ALONE REQUIRES A MAJORITY FOR APPROVAL. HOWEVER, THE MOTION CAN BE FILIBUSTERED, AND WHEN THIS OCCURS, A CLOTURE VOTE IS NECESSARY TO VOTE ON THE MOTION TO PROCEED. A THREE-FIFTHS MAJORITY OF THE SENATE IS NECESSARY TO INVOKE CLOTURE.

Full Bill Text

See How Your Politicians Voted

Title: Temporary Alternative Minimum Tax Adjustment Act of 2007

Vote Smart's Synopsis:

Vote to pass a bill that extends the alternative minimum tax credit through 2007.

Highlights:

  • 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).

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

Full Bill Text

See How Your Politicians Voted

Title: Temporary Tax Adjustments Act of 2007

Vote Smart's Synopsis:

Vote to pass a bill that extends various tax credits, including the alternative minimum tax credits, for an additional year.

Highlights:

  • 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 (Secs. 101, 102).
  • Extends the deduction for state and local sales taxes to Jan. 1, 2009 (Sec. 301).
  • Extends the deduction for qualified tuition to Dec. 31, 2008 (Sec. 302).
  • Extends the deduction for certain expenses of elementary and secondary school teachers to the taxable year starting in 2008 (Sec. 307).
  • Designates a state legislature as being in session for any day on which it is formally called into session without regard to whether legislation was considered, for the purposes of determining legislators' living expenses based on days in session starting in the taxable year 2008 (Sec. 313).
  • Treats any net income or loss for partners providing investment management services to partnership as ordinary income or loss, unless the partner is providing capital investment services (Sec. 611).

Full Bill Text

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