[Congressional Record (Bound Edition), Volume 145 (1999), Part 16] [Extensions of Remarks] [Page 22503] [From the U.S. Government Publishing Office, www.gpo.gov]TAX RULES WAIVER EXTENSION ______ HON. RICHARD E. NEAL of massachusetts in the house of representatives Thursday, September 23, 1999 Mr. NEAL of Massachusetts. Mr. Speaker, today I am introducing for myself and Mr. Houghton, Mr. Rangel, Mr. Coyne, Mrs. Johnson of Connecticut, and Mr. Matsui, legislation to extend for one additional year the temporary waiver of the minimum tax rules that deny many families the full benefit of nonrefundable personal credits, pending enactment of permanent legislation to address this inequity. This problem is well known. The tax credits for education and children are limited by the alternative minimum tax. Consequently, more and more average Americans who use the dependent care credit, the new child credit, the HOPE credit or the lifelong learning credit, will be forced to fill out the time consuming, complex alternative minimum tax form. Even worse, a growing number of Americans will have all or part of these credits denied because they are part of the AMT base. For families with three or more children, the refundable portion of the child credit is also subject to the AMT cutback, which this bill also fixes for 1999. The Department of the Treasury estimated that in 1998, without the ``one year'' waiver that was enacted last year, eight hundred thousand taxpayers who were entitled to the child credit or the education credits would have been denied the full benefit of these credits by the AMT. And although the AMT was enacted into law to ensure that wealthy individuals pay some tax, a large percentage of these new AMT taxpayers will be married couples who earn between $45,000 and approximately $100,000. Mr. Speaker, we know that there is widespread agreement to fix this problem either on a permanent basis, or if that is not possible, for one additional year. The Clinton Administration, the House and Senate, and both parties agree. Yet, it has not been accomplished. We are introducing this bill, which extends last year's waiver for one additional year, to highlight the problem once again and to urge quick action to solve it for tax year 1999. Given the lead time the Internal Revenue Service needs to draft and print tax forms for next year, it is necessary for us to take action early next month. Hopefully, legislation that is acceptable to all of us will be enacted on a bipartisan basis shortly. ____________________