(Washington, DC) On Thursday, August 2 at 10:30am, Representatives
Richard Neal (D-MA),
Tom Davis (R-VA),
Zoe Lofgren (D-CA), and
Jerry Weller (R-IL)
will introduce bipartisan legislation to reform the extremely unfair
Alternative Minimum Tax (AMT) treatment of Incentive Stock Options (ISOs).
Members of ReformAMT, a grassroots organization of persons affected by the AMT
tax on employee incentive stock options, will be on hand to share their
stories of pain and hardship.
Joseph Lieberman (D-CT)
will introduce parallel legislation in the Senate.
AMT reform is desperately needed because numerous employees were caught in
a tragic tax trap regarding Incentive Stock Options. The Alternative Minimum
Tax (AMT) calculates the tax the moment stock options are bought not when they
are actually sold. This year, workers faced a double whammy when stocks
dropped dramatically especially in the high tech sector. Not only is their
stock now worthless but they also owe hundreds of thousands of dollars in
taxes on money they never received. Many of these AMT victims owe more than
their net worth to the IRS.
||AMT Tax Reform Press Conference
||Members of ReformAMT, joining Reps. Neal, T. Davis, Lofgren, and Weller, to introduce a new bipartisan AMT relief bill
||House Triangle (Rain Site: TBA), Washington, DC
||Thursday, August 2 at 10:30am
||Ed Tsai 212-560-9500 x134 (ReformAMT press contact) or Toni Wehman at 202-225-3072 (Rep. Lofgren press office)
For up-to-the-minute updates, please visit
The mission of ReformAMT is to correct an injustice
created by the way in which the Alternative Minimum Tax (AMT) is
inappropriately and unjustly imposed upon owners of incentive stock options.
Through the building of a grassroots tax reform organization we seek to urge
Congress to correct this flawed tax code, which has resulted in financial
devastation for taxpayers obeying this law. Beyond correction of the law, we
also seek full redress from the United States Government for those affected.
for more details.