Grassley Bill Would Provide AMT Relief

Senator Charles Grassley (R-IA), ranking Republican on the Senate Finance Committee, has introduced legislation (S. 1831) that would provide for tax relief for incentive stock options exercised in 2000. The bill would allow employees to pay the alternative minimum tax based on the value of the shares as of April 15, 2001 or the date sold, if earlier. The relief would be gradually reduced for taxpayers making over $53,000 for single taxpayers, $84,270 for heads of households, and $106,000 for married taxpayers filing jointly.