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T06-0081 - Possible Elements of 2006 Tax Reconciliation Bill: Increase AMT Exemption and Allow Credits Against AMT, Distribution of Federal Tax Change by Cash Income Class, 2006

A likely element of the tax reconciliation bill being negotiated between the House and Senate is AMT relief. This table shows effects of increasing the AMT exemption to $62,550 for married couples filing a joint return, $42,500 for singles and heads of household, and $31,275 for married individuals filing a separate return, and allowing personal non-refundable credits against the regular tax and AMT, regardless of tentative AMT. The distribution of benefits by income class for 2006.

May 8, 2006