The House Ways & Means Committee today approved the Alternative Minimum Tax Relief Act of 2008 (H.R. 6275) in a party line 22-16 vote. The bill provides a $61.5 billion AMT paid for in part by taxing carried interest at ordinary income rates rather than the 15% capital gains rate. The patch for 2008 would increase the exemption to $46,200 for individuals and $69,950 for married couples filing jointly.
