Max Baucus: “I also wish to commend him for his AMT amendment to make sure Americans don't pay more taxes over the next year. The…”

“I also wish to commend him for his AMT amendment to make sure Americans don't pay more taxes over the next year. The amendment he offered, as well as the Senator from New Jersey, Mr. Menendez--the two of them offering the amendment was the right thing to do. Some have suggested we drop that amendment. I vigorously resisted that because I think it is a good idea that we have the AMT patch. There are other provisions in here which remind all of us to help taxpayers. One is extending the small business expensing provision for 2 years. That is going to help small business. That also included an entire threshold that was enacted last year. Added to that, we have payback periods for net operating loss extended from 2 years to 5 years, as well as business tax credits extended from 2 years to 5 years. So businesses can carry back losses with respect to credits they have otherwise earned, whether it is an R&D tax credit or an energy credit.”