The House Ways and Means Committee is expected today to vote on a bill that would provide a one-year "patch" to the alternative minimum tax and about $65 billion of revenue-raising offsets, while Senate members are struggling to gain traction on their own AMT provision, which would not be offset.
The bill is sponsored by committee chairman Charles Rangel, D-N.Y. It comes as lawmakers in the Senate for the second time shot down, by a vote of 52 to 44, a procedural vote that would have allowed consideration of a House-approved tax extenders bill containing $5.4 billion of tax credit bonds. The bill, HR 6049, needed to garner 60 votes to be considered. Sources said it is likely Senate Majority Leader Harry Reid, D-Nev., will continue to try to obtain votes for the bill but will not bring it up for consideration again until after the July 4 recess.