Tax News & Views | Tax Policy | House Taxwriters OK Fully Offset AMT Patch; Prospects Dim in Senate

Author
Tax Policy Group, Deloitte Tax LLP

House Taxwriters OK Fully Offset AMT Patch; Prospects Dim in Senate – The House Ways and Means Committee on June 18 voted 22-16 to approve a one-year patch for the individual alternative minimum tax that would be fully paid for by recycled revenue offsets – including, most notably, provisions to tax income from carried interests as ordinary income and to curb the section 199 deduction for oil and gas companies.

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