FROM THE OFFICE OF PUBLIC AFFAIRS

May 5, 2004
js-1509

Treasury Secretary Snow Statement on House Passage
to Extend Alternative Minimum Tax Relief

The expected growth in the individual alternative minimum tax (AMT) is a major problem in the tax code that must be addressed.  I applaud the House of Representatives for acting to extend the temporary AMT relief for millions of middle class families. These temporary provisions will keep the number of taxpayers affected by the AMT from rising significantly in the near-term.  More importantly, this temporary extension will allow the Treasury Department the time necessary to develop a comprehensive set of proposals to deal with the AMT in the long-term.

H.R. 4227 extends through 2005 temporary Alternative Minimum Tax (AMT) relief.  Specifically, H.R. 4227 would maintain the current AMT exemption amount indexed for inflation through 2005.