Updated November 22 - We have another exciting update and guidance on the next steps for you!
- The Senate introduced peer legislation, S 2389, on Friday November 16. S 2389 is identical to the House's HR 3861 ISO AMT relief.
- The House and Senate introduced the Tax Technical Corrections bill on Thursday November 15. The Tax Technical Corrections will fix the 20% nesting issue with HR 3385, resulting in 100% refund of AMT credits over 5 years (not the ~70% previously). See forum topic.
- ISO AMT Relief, HR 3861, passed on November 9 as part of the Temporary Tax Relief Act of 2007.
- The American Benefits Council issues a letter of support to the Senate Finance Committe on November 14.
How You Can Help
As always, please keep us informed on your efforts. If you have any questions, email us for help at firstname.lastname@example.org or call us at one of the numbers below.
- Please contact your Senators' Offices (email, fax, AND phone - Click here to find the contact information for your Senator) and urge them to :
- Cosponsor S 2389, the Senate version of the House ISO AMT Relief act HR 3861.
- Provide their strong support for the full and fair relief in S 2389 to be passed by the Senate in legislation that will go to the President in 2007.
- If your Senator is already co-sponsoring the Senate bill S 2389 or you are from the following States : AR, AZ, CO, IA, ID, KS, KY, MA, ME, MI, MS, MT, ND, NM, NV, NY, OR, UT, WA, WV, see added instructions.
- Continue to encourage your Representative to cosponsor the House bill HR 3861, the AMT Credit Fairness and Relief Act. While this legislation has already passed in the House, adding more cosponsors helps solidify the support for this full relief, sending the right signals to the Senate to do the same.
- Make a pledge - Please submit your pledge to help us cover expenses incurred over these 7 years in bringing you this landmark legislative relief.
- Let us know what is important to you in this legislation. Take our anonymous poll.
ReformAMT wants to wish all of you and your families safe travels and a wonderful Thanksgiving!
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PROPOSED MESSAGE TO YOUR REPRESENTATIVE AND SENATORS (Feel free to include a sentence or two on your particular situation or the situation of someone you know.):
Dear Honorable [Representative] [Senator]:
Thank you so much for all you and your offices' efforts in working to provide relief to [Your State] families suffering from ISO AMT tax (HR 3861 and S 2389) on "phantom income". We understand that Congress will be passing a tax package before the end of the year.
Please provide your full support in the Senate for including, in whatever tax package the Senate passes in 2007, the full and fair ISO AMT Relief which was submitted as an amendment in Ways and Means Committee, passing unanimously on a voice vote that was then included in the Temporary Tax Relief Act of 2007 recently passed by the House.
That full and fair ISO AMT relief is set forth in the AMT Credit Fairness and Relief Act HR 3861 and S 2389. HR 3861 is sponsored by Rep. Van Hollen and lead Republican Rep. Sam Johnson, with original cosponsors Rep. Richard Neal and Rep. Jim Ramstad. S 2389 is sponsored by Sen. John Kerry, Sen. Maria Cantwell, and Sen. Joseph Lieberman. HR 3861 was added in its entirely to the Temporary Tax Relief Act of 2007, and all the relief in HR 3861 and S 2389 is needed to restore fairness and prevent families from continuing to suffer severely unfair and disproportionate tax rates due to ISO AMT.
[Your State] families have been suffering for more than seven years and we are desperate. No family can afford to pay, nor is it fair to make them pay, taxes on "phantom" income they never had.
Thanks for your service and leadership for [Your State]!
[Your Address and Contact]