New Legislation Includes Tax Provisions Impacting More Than 26 Million Taxpayers This Year PARSIPPANY, N.J., Oct. 10 /PRNewswire-FirstCall/ -- The recently passed Emergency Economic Stabilization Act of 2008 legislation includes several tax provisions that will impact up to 26 million taxpayers* that now fall under the Alternative Minimum Tax (AMT) level. Jackson Hewitt wants taxpayers to understand how they could possibly be affected by these new provisions which were passed on October 3, 2008. The AMT, originally created in 1969, is an alternative tax calculated by using a separate set of rules that disallow many deductions and exemptions used in computing traditional tax liability, including state income tax or second mortgages. It was originally intended to target high-income households that typically qualified for...
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