CQ TODAY MIDDAY UPDATE
March 14, 2007 – 2:18 p.m.
Spratt Says House Budget Plan Will Include a New AMT Patch
House Budget Committee Chairman John M. Spratt Jr., D-S.C., says he will include in his draft fiscal 2008 budget plan at least a one-year extension of provisions designed to limit the reach of the alternative minimum tax.
“A one-year patch is in there now,” Spratt said today. “We’re still looking at it. It will be at least a one-year patch.”
Although Spratt’s approach would continue the recent congressional pattern of providing only a temporary fix to the growing reach of the alternative minimum tax, House Democratic tax writers say they believe Ways and Means Chairman Charles B. Rangel, D-N.Y., will pursue a much more ambitious solution. Rangel has called for a repeal of the AMT at a cost of $1 trillion over 10 years.
Richard E. Neal, D-Mass., insisted that a one-year patch in the draft House budget resolution would not preclude efforts to move a more ambitious measure later this year.
The Senate Budget Committee was scheduled today to begin tackling its fiscal 2008 budget resolution. The House committee is not expected to mark up its version until next week.