Detailed Summary

<b>(This measure has not been amended since it was introduced. The summary of that version is repeated here.)</b>

Alternative Minimum Tax Relief Act of 2008 - Amends the Internal Revenue Code to extend through 2008 for individual taxpayers: (1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liability; and (2) the increased alternative minimum tax (AMT) exemption amounts.

Increases the alternative minimum tax (AMT) refundable credit amount for individuals who have long-term unused minimum tax credits from prior taxable years. Abates any underpayment of tax attributable to the application of special AMT rules for the treatment of incentive stock options.

Status of the Legislation

Latest Major Action: 12/11/2008: Senate floor actions. Status: Motion by Senator Reid to reconsider the vote by which cloture on the motion to proceed to the measure (Record Vote No. 215] was not invoked entered in Senate.

Points in Favor

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Points Against

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