Tax Revisions Push Through Senate
A number of tax revisions were passed in the Senate, but are sure to face new scrutiny in the House. Among the revisions are:
- Increased income exemption levels in the Alternative Minimum Tax (AMT);
- Extensions for state and local sales tax deduction through 2006;
- Above the line deduction for qualified higher education expenses extended through 2010;
- A credit for low-income taxpayers who make up to $2,000 to qualified retirement savings plans such as 401(k)s, 403(b)s as well as traditional and Roth IRAs through 2009;
- Charitable deductions for non-itemizers and itemizers;
- Elimination of a $1 billion tax break for oil and gas exploration previously approved by President Bush; and
- Tax breaks to help rebuild regions destroyed by Hurricane Katrina.
