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

 * 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).

Key votes

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



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.