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Select Revenue Measure AMT Second Hearing and Testimony

Chairman Neal has asked for our testimonies!!!

Your letters make THE DIFFERENCE! Our work is not done. Ideally, we would like to thank the Committee for addressing the AMT, the most egregious Tax Policy in existence and raise the missed aspects of our fix last year in 109th Congress (Penalties and Interest charged on phantom principal, a 5-year straight-line return of the AMT credit, and removal of Income Caps). The intention was good, but the some aspects of the correction were overlooked.

Our goal is to fix these issues and tax them along with other AMT or Tax legislation by the end of the year. We need to keep letting Congress know how AMT has affected us. The Select Revenue Measure hearing occurred letting Congress know how AMT has affected us. The first hearing was on March 7, 2007. The second hearing occurred on March 22, 2007. The deadline for submitting testimony is April 5, 2007.

We especially need our Members in these and neighboring districts to submit as your Representatives are members of the SRM sub-Committee:

  1. Richard E. Neal, MA Chairman
  2. Lloyd Doggett, TX
  3. Mike Thompson, CA
  4. John B. Larson, CT
  5. Allyson Y. Schwartz, PA
  6. Jim McDermott, WA
  7. Rahm Emanuel, IL
  8. Earl Blumenauer, OR
  9. Phil English, PA Ranking Member
  10. Thomas M. Reynolds, NY
  11. Eric Cantor, VA
  12. John Linder, GA
  13. Paul Ryan, WI

Here is what you need to do BY APRIL 5, 2007 :

  1. Please go to this link and provide your intent to submit. Read the instructions and fill out the web questionnaire. You will receive an email confirmation from the Ways and Means Committee. Keep this message as you will need it later to do your submission.

    When you register, sign up for the "03/22/07 Revenue Measures - Second in a Series of Hearings on the Alternative Minimum Tax"

  2. Please reply to the email confirmation you received and attach your testimony. Click here for a sample letter. In addition, please CC or send a separate copy of your testimony to testimony@reformamt.org.

  3. Emphasize that you paid or were assessed AMT on ISOs.

  4. If applicable to you, emphasize your issues with penalities and interest and/or income phase-outs. Do not address the ambiguity regarding 20% of remaining credits vs. 20% of original credits - this issue is being addressed administratively.

  5. Remember - Congress needs to hear our voices and needs to know that we are not going away. There is tremendouse momentum and awareness in DC around last year's bill passage. We need to keep pushing!

  6. As always, please keep the tone and content very respectful and fact-based. Your statements should be compelling rather than angry or strident with the goal of resonating positively with the Ways and Means Committee.

    Be sure to include your Congressional District as a salutation or embedded in your submission. Click Here to look up your district number.

  7. For more information on the hearing, go to this link.