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<p><span class="fck_mw_template">{{Economic Policy (U.S.)|congress=110|bill=h6275}}</span> </p><p>The <b>Alternative Minimum Tax Relief Act of 2008</b> (H.R.6275) was a bill in the <a _fcknotitle="true" href="110th Congress">110th Congress</a> "to amend the Internal Revenue Code of 1986 to provide individuals temporary relief from the alternative minimum tax, and for other purposes." (Official title.)<ref name="ProjectVoteSmart info">Project Vote Smart's info page on <a href="http://www.votesmart.org/issue_keyvote_detail.php?cs_id=20167&amp;amp;amp;amp;amp;amp;amp;amp;can_id=27522">The Alternative Minimum Tax Relief Act of 2008 (H.R.6275)</a>.</ref> </p><p><usbillinfo congress="110" bill="H.6275" /> </p><p><span class="fck_mw_template">{{Article summary|fckLRfckLR*Raises the AMT exemption amount for taxpayers other than corporations from $66,250 to $66,950 for an individual filing a joint return or who is a surviving spouse and lowers the AMT from $44,350 to $46,200 for an individual who is not married and is not a surviving spouse, for the taxable years beginning with 2008 (Sec. 101). &lt;ref name=&quot;ProjectVoteSmart info&quot;&gt;Project Vote Smart's info page on [http://www.votesmart.org/issue_keyvote_detail.php?cs_id=20167&amp;amp;amp;amp;amp;can_id=27522 The Alternative Minimum Tax Relief Act of 2008 (H.R.6275)].&lt;/ref&gt; fckLRfckLR*Adds receipts from the domestic production, refining, processing, transportation, or distribution of oil and gas or their primary products to the taxable income of major integrated oil companies (Sec. 202).&lt;ref name=&quot;ProjectVoteSmart info&quot;&gt;Project Vote Smart's info page on [http://www.votesmart.org/issue_keyvote_detail.php?cs_id=20167&amp;amp;amp;amp;amp;can_id=27522 The Alternative Minimum Tax Relief Act of 2008 (H.R.6275)].&lt;/ref&gt; fckLRfckLR*Increases the penalty for underpayment of tax required in cases of property transferred for investment management services from a fine of 20 percent to 40 percent of the underpayment amount (Sec. 201). &lt;ref name=&quot;ProjectVoteSmart info&quot;&gt;Project Vote Smart's info page on [http://www.votesmart.org/issue_keyvote_detail.php?cs_id=20167&amp;amp;amp;amp;amp;can_id=27522 The Alternative Minimum Tax Relief Act of 2008 (H.R.6275)].&lt;/ref&gt; fckLRfckLR*Lowers the domestic production income tax deduction for oil producers that are not major integrated oil companies (Sec. 202). &lt;ref name=&quot;ProjectVoteSmart info&quot;&gt;Project Vote Smart's info page on [http://www.votesmart.org/issue_keyvote_detail.php?cs_id=20167&amp;amp;amp;amp;amp;can_id=27522 The Alternative Minimum Tax Relief Act of 2008 (H.R.6275)].&lt;/ref&gt; fckLRfckLR*Prohibits treaties from reducing the withholding tax for payments between members of the same foreign controlled group of entities in certain circumstances (Sec. 203).&lt;ref name=&quot;ProjectVoteSmart info&quot;&gt;Project Vote Smart's info page on [http://www.votesmart.org/issue_keyvote_detail.php?cs_id=20167&amp;amp;amp;amp;amp;can_id=27522 The Alternative Minimum Tax Relief Act of 2008 (H.R.6275)].&lt;/ref&gt; fckLRfckLR*Provides that a credit card company's transactions with a payee be reported to the Internal Revenue Service (IRS) beginning in the 2011 calendar year if the company had more than 200 total transactions and the total amount reported exceeds $10,000 (Sec. 204). &lt;ref name=&quot;ProjectVoteSmart info&quot;&gt;Project Vote Smart's info page on [http://www.votesmart.org/issue_keyvote_detail.php?cs_id=20167&amp;amp;amp;amp;amp;can_id=27522 The Alternative Minimum Tax Relief Act of 2008 (H.R.6275)].&lt;/ref&gt; fckLRfckLR*Decreases the amount for required installment of corporate estimated tax due in 2012 from 106.25 to 100 percent and increases the amount for 2013 from 100.75 to 161.25 percent for corporations with at least $1 billion in assets (Sec. 206).&lt;ref name=&quot;ProjectVoteSmart info&quot;&gt;Project Vote Smart's info page on [http://www.votesmart.org/issue_keyvote_detail.php?cs_id=20167&amp;amp;amp;amp;amp;can_id=27522 The Alternative Minimum Tax Relief Act of 2008 (H.R.6275)].&lt;/ref&gt; }}</span> </p> <h2> Key votes </h2> <ul><li>Vote to pass a bill that raises taxes on certain oil, investment, and credit companies and increases alternative minimum tax (AMT) exemptions.<ref name="ProjectVoteSmart info" /> </li></ul> <p><usvoteinfo year="2008" chamber="house" rollcall="455" /> </p><p><br /> </p> <h2> Supporters </h2> <ul><li><a href="http://www.acenet.edu//AM/Template.cfm?Section=Home">American Council on Education</a> </li><li><a href="https://home.americanexpress.com/home/mt_personal.shtml?">American Express Company</a> </li><li><a href="http://www.bp.com/home.do?categoryId=1">BP</a> </li><li><a href="http://www.cat.com/cda/layout?m=8703&x=7">Caterpillar Inc.</a> </li><li><a href="http://www.cisco.com/">Cisco Systems</a> </li><li><a href="http://www.citigroup.com/citi/homepage/">Citigroup, Inc.</a> </li><li><a href="http://www.coca-cola.com/">Coca-Cola Company</a> </li><li><a href="http://www.gene.com/gene/index.jsp?q=Genentech&ie=utf-8&oe=utf-8&aq=t&rls=com.google:en-US:official&client=firefox-a">Genentech</a> </li><li><a href="http://www.gm.com/">General Motors Corp.</a> </li><li><a href="http://www2.goldmansachs.com/">Goldman Sachs</a> </li><li><a href="http://www.hp.com/">Hewlett-Packard</a> </li><li><a href="http://www.independentsector.org/">Independent Sector</a> </li><li><a href="http://www.juf.org/">Jewish United Fund/Jewish Federation of Metropolitan Chicago</a> </li><li><a href="http://www.lockheedmartin.com/">Lockheed Martin</a> </li><li><a href="http://www.ml.com/index.asp?id=7695_15125">Merrill Lynch</a> </li><li><a href="http://www.monsanto.com/">Monsanto Company</a> </li><li><a href="http://www.ncpg.org/">National Committee on Planned Giving</a> </li><li><a href="http://www.newscorp.com/">News Corporation</a> </li><li><a href="http://www.pge.com/index.html">Pacific Gas &amp; Electric</a> </li><li><a href="http://www.pfizer.com/home/">Pfizer</a> </li><li><a href="http://www.investinamericasfuture.org/">R&amp;D Credit Coalition</a> </li><li><a href="http://www.ti.com/">Texas Instruments</a> </li><li><a href="http://www.timewarner.com/corp/">Time Warner, Inc.</a> </li><li><a href="http://order.tupperware.com/coe/app/home">Tupperware</a> </li><li><a href="http://www.ventureloop.com/ventureloop/termsofservice.php">VentureLoop, Inc.</a> </li><li><a href="http://www22.verizon.com/">Verizon</a> </li><li><a href="http://www.zimmer.com/z/ctl/op/global/action/1/template/HM/id/">Zimmer, Inc.</a> </li></ul> <h2> Related legislation </h2> <p>A bill with the same title, the <b>Alternative Minimum Tax Relief Act of 2008</b> <a href="http://www.opencongress.org/bill/110-h7005/show">(H.R. 7005)</a>, was introduced September 23, 2008. Like its namesake, it sought "to amend the Internal Revenue Code of 1986" to provide "alternative minimum tax relief for individuals for 2008."<ref><a href="http://www.opencongress.org/bill/110-h7005/show">"Alternative Minimum Tax Relief Act of 2008"</a></ref> </p><p><usbillinfo congress="110" bill="H.7005" /> </p><p>The House passed this bill on September 24, 2008, by a vote of 393-30, but the bill did not move forward in the Senate. </p><p>In December 2008, while discussions were ongoing over the <a _fcknotitle="true" href="Auto Industry Financing and Restructuring Act of 2008">Auto Industry Financing and Restructuring Act of 2008</a> - which passed the House on December 10 - supporters of the auto industry bill in the Senate attempted to use the Alternative Minimum Tax Relief Act as a so-called "shell" bill to which would be added the Senate's version of the auto industry bill. Negotiators in the Senate were unable to reach a compromise and the plan failed when the Senate rejected a cloture motion that would have allowed them to proceed to consideration of the auto bill by a vote of of 52-35 on December 11, 2008.<ref name="CQ_12-11">Joseph J. Schatz, Phil Mattingly and Kathleen Hunter, <a href="http://www.cqpolitics.com/wmspage.cfm?parm1=175&amp;amp;amp;amp;amp;amp;amp;amp;docID=news-000002996565">"Auto Bailout Scuttled in Senate,"</a> <i>CQ Politics</i>, December 11, 2008</ref><ref><a href="http://www.opencongress.org/bill/110-h7005/show">"Alternative Minimum Tax Relief Act of 2008"</a></ref> </p><p><usvoteinfo year="2008" chamber="senate" rollcall="215" /> <span class="fck_mw_template">{{Record vote display|U.S. Senate record vote 215, 110th Congress, Session 2}}</span> </p> <h2> Articles and resources </h2> <h3> See also </h3> <p><a _fcknotitle="true" href="Auto Industry Financing and Restructuring Act of 2008">Auto Industry Financing and Restructuring Act of 2008</a> </p> <h3> References </h3> <p><references /> </p> <h3> External articles </h3> <ul><li>The Philadelphia Inquirer's <a href="http://www.philly.com/inquirer/local/20080629_Area_Votes_in_Congress.html">Area Votes in Congress</a> </li><li>The Philadelphia Inquirer's <a href="http://www.philly.com/inquirer/breaking/business_breaking/20080625_House_to_vote_on_AMT_tax_relief.html">House passes AMT relief</a> </li><li>Norwich Bulletin.com's <a href="http://www.norwichbulletin.com/news/x222996389/Rep-Courtney-votes-in-favor-of-tax-relief-bill">Rep. Courtney votes in favor of tax relief bill</a> </li></ul> <h3> External resources </h3>

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