National Association of REALTORS released an update on August 16, 2012:
Extension of Mortgage Cancellation Relief Goes Forward
The Senate Finance Committee has crafted and sent to the full Senate a package that would extend the mortgage relief provision for an additional year, through Dec. 31, 2013.
The Senate was unable to act on the bill before adjourning for its August break and the party conventions. The Senate reconvenes on Sept. 10. Chairman Baucus (D-MT) had expressed a wish to finish this package before the election in order to provide certainty about the extension (or not) of more than 50 provisions. Nonetheless, it is not known if the package would also be considered in the House before the election.
In addition to the mortgage cancellation relief provision, the package also includes a relief provision to limit the impact of the Alternative Minimum Tax (AMT) in 2012 and 2013. The 15-year cost recovery for leasehold improvements is renewed (it had expired Dec. 31, 2011) and extended through Dec. 31, 2013. The provision that permits the costs associated with brownfields environmental cleanup was NOT included in this extender legislation.
The legislation is not “paid for.”
[…] will help you calculate your taxes and if you do owe the AMT, how much you will have to pay.AMT stands for Alternative Minimum Tax. The Alternative Minimum Tax was developed in 1969 to make su… I have to pay the AMT? You may be at risk for the AMT if you earn a high income, having more than […]