Coalition for Tax Fairness Applauds the 50 Co-Sponsors of H.R. 3385 - The AMT Credit Fairness Act; Large Number of Bi-partisan Supporters Signals Strong Momentum for ISO AMT Relief.

WASHINGTON -- The Coalition for Tax Fairness (CTF), an organization working to address the Incentive Stock Option Alternative Minimum Tax (ISO AMT) crisis, applauds the fifty bipartisan co-sponsors for H.R. 3385, the AMT Credit Fairness Act, introduced by Congressman Sam Johnson (R-TX). The bill addresses workers' ISO AMT tax prepayments on "phantom income" that have unintentionally become what Representative Johnson has termed, "interest-free loans to the government."

This Bill will help provide relief for ISO AMT victims - employees of small and large companies across America who, due to an unintended flaw in the tax code, are being forced to prepay taxes up to and exceeding 300 percent of their annual salaries merely because they purchased their companies' stock options. These workers are liable for tens of thousands, hundreds of thousands, and even millions of dollars in tax prepayments on projected "income" they in fact will never receive because of the severe decline in stock value after their purchase. The AMT Credit Fairness Act provides relief by accelerating the refund of stranded ISO AMT overpayment credits that, under the flaw in the current law, wouldn't be returned within the taxpayer's lifetime. The legislation lays an important foundation for resolving the ISO AMT crisis and addresses a severe inequity within the tax code.

"The Coalition for Tax Fairness applauds the fifty co-sponsors, including fifteen Ways and Means Members, for their support of H.R. 3385 and Rep. Johnson for his continued leadership as we work to restore fair, proportional taxation to victims of the ISO AMT crisis," stated Tim Carlson, President of the Coalition for Tax Fairness. "The unified support from these co-sponsors will help speed passage of this important piece of legislation and bring relief and restore fair taxation to hundreds of thousands of American working families."

About the Coalition for Tax Fairness

The Coalition for Tax Fairness (CTF) is a non-partisan, non-profit organization that is supporting a legislative initiative to fix the current Incentive Stock Option Alternative Minimum Tax (ISO AMT) crisis. This growing problem was brought on by outdated laws unfairly affecting an unprecedented number of citizens, resulting in extremely disproportional taxes based on income that will never be received. CTF is working together with individuals and organizations such as ReformAMT (www.reformamt.org), through education, legislative initiatives, and grassroots efforts to help reform the ISO AMT tax law and alleviate this catastrophic situation. CTF was founded by ISO AMT victims and is managed by a group of national volunteers. For more information, visit www.fair-iso.org.