Contact: Penny Durham or Todd A. Berry

608.241.9789 or wistax@wistax.org

Congress and the President acted in late December to pass new legislation affecting 2007 federal income taxes, particularly the alternative minimum tax.  The law provides temporary alternative minimum tax provisions.  The timing affects both IRS tax forms and the Wisconsin Taxpayers Alliance’s TAXES publication (page 34, Alternative Minimum Tax) that were printed before the changes.  The legislation extends the alternative minimum tax limit for nonrefundable personal credits into 2007 and increases the exemption amounts to $66,250 for joint tax returns and $44,350 for individual tax returns.  The figures for tax year 2006 were $62,250 and $42,500 respectively.