(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.

Senator 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.

For up-to-the-minute updates, please visit
http://www.ReformAMT.org

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. Please visit www.reformamt.org for more details.