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When:
January 01, 2001

Who it Affects:
For taxpayers who might have too many deductions.
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2001 Tax Law Changes
Alternative Minimum Tax exemption increases

The Tax Relief Act of 2001 increases the Alternative Minimum Tax exemption beginning in 2001. The exemption has served to protect most taxpayers from being subject to the AMT.

The new law will increase the AMT exemption by $4,000 on a joint return to $49,000, and by $2,000 for unmarried individuals to $35,750. The increase is effective starting in 2001 and continues through 2004.
Related Tax Article(s): 8 ways to avoid the AMT tax sting