Tax News & Views | Tax Policy | House Approves Carried Interest Tax Hike to Pay for AMT Patch; White House Threatens Veto

Author
Tax Policy Group, Deloitte Tax LLP

House Approves Carried Interest Tax Hike to Pay for AMT Patch; White House Threatens Veto – In a move that sets the stage for battles with Senate Republicans and the Bush administration, the House of Representatives on June 25 approved a one-year patch for the alternative minimum tax (AMT) that would be fully paid for by, among other things, taxing income from carried interests as ordinary income, curbing the section 199 deduction for oil and gas companies and requiring information reporting for credit card reimbursements.

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