November 26,2007

Baucus comments on AMT legislation, IRS Oversight Board letter


To: Reporters and Editors

From: Carol Guthrie for Senate Finance Chairman Max Baucus (D-Mont.)

Re: IRS Oversight Board letter regarding the AMT

Senate Finance Committee Chairman Max Baucus (D-Mont.) commented briefly this afternoon in
response to a letter from IRS Oversight Board Chairman Paul Cherecwich regarding the need for
timely action on alternative minimum tax relief and the needs of taxpayers with regard to pending legislation in the Congress.

From Chairman Baucus:

“Concern for taxpayers, and the need to complete alternative minimum tax legislation
quickly, is precisely why I joined Senator Harry Reid on the Senate floor more than a week
ago seeking agreement on legislation that would have protected 19 million taxpayers from
the AMT this year. Unfortunately, our effort to pass that AMT protection for millions of
America’s working families was thwarted, at least temporarily, by an objection from the
minority leader. I fully intend to work with my Senate colleagues and with Chairman
Rangel to complete AMT legislation as soon as possible, and I hope that the Senate will
return from the Thanksgiving recess ready to make progress on this issue of such vital
importance to taxpayers. In the meantime, I trust that the IRS Oversight Board, the
Treasury Department and the IRS itself are using this time to plan to help taxpayers in the
2007 filing season understand their obligations and obtain the tax relief that this Congress
will provide.”

For more information on recent legislative efforts on the AMT, please visit the Finance Committee website.