Senate bill to block spread of AMT
The Senate Finance Committee proposed legislation to prevent the AMT from growing – by increasing the AMT exemption amount to $46,200 for individuals and $69,950 for joint filers.
The bill would also allow the use of personal credits to help keep new taxpayers from being subject to the AMT.
The bill contains several provisions, including:
- Renewing alternative energy tax incentives
- Providing college tuition tax deductions
- R&D credits
The bill extends the itemized deduction for:
- State and local general sales taxes
- Qualified tuition deduction
- Teacher educational expense deduction
- Ability to make tax-free contributions from an IRA plan to a qualified charitable organization
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Ohio legislation
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