Daily News Update, Dec. 21, 2007

Congress passes one-year AMT patch

Congress has finalized and passed legislation calling for a one-year "patch" for the Alternative Minimum Tax (AMT).

Although the AMT was originally intended to target only the highest income earners, it was not indexed to inflation. It is estimated that without Congressional action, an additional 23 million taxpayers would have been saddled with the burden of paying the tax in 2007.

NCBA policy supports a full repeal of the AMT, and NCBA Washington staff applauds this action by Congress to alleviate some of the tax burden on cattle producers