Millions of Americans spared from the alternative minimum tax.(insession)(President George Bush signed H.R. 3996 Tax Increase Pr

The President signed H.R. 3996, the Tax Increase Prevention Act of 2007, into law on December 26, 2007. The law extends alternative minimum tax (AMT) relief for one year for nonrefundable personal credits, and increases the AMT exemption amount to $66,250 for joint filers and $44,350 for single filers to ensure that no additional taxpayers are liable for the AMT in the 2007 tax year. If the extension was not given, 20 million middle-income and upper middle-income, taxpayers would be exposed to the AMT.

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