Max Baucus: “Today I am introducing a tax package that would extend relief from the alternative minimum tax and extend other…”

“Today I am introducing a tax package that would extend relief from the alternative minimum tax and extend other much-needed individual and business provisions. When the economy is turning down, Americans need certainty about their taxes. Families and businesses need to know what the tax law is. That is why my bill provides a one year patch for the AMT. The patch will hold the number of taxpayers subject to the AMT at 4.2 million. We will not let more taxpayers fall into the alternative minimum tax. Last year, Congress did not put a patch in place until December. We must act sooner this year. Through this bill, Congress can act. That is why my package contains a 2-year extension of provisions that expired at the end of last year. These include the qualified tuition deduction to give families relief from high tuition costs. My package also includes the teacher expense deduction. This deduction gives teachers some of the money that they spend on school supplies to educate our children. The package also includes the State and local sales tax deduction for those States without an income tax. The bill offers an extension of the research and development credit. This credit gives an incentive to businesses to invest in research. It helps to keep America competitive in the global economy. My package will also extend provisions that expire this year for an additional year. The bill extends much-needed energy provisions.”