| Credit for Prior Year Minimum Tax Requirements Eased
The credit is available to individuals with long-term unused minimum tax credits. The amount of the refundable credit is the greater of 50% of the long-term unused minimum tax credit for the tax year or the AMT refundable credit amount from the preceding tax year. The phase out requirements related to the credit, based on adjusted gross income, have been eliminated. These revisions were scheduled to expire at the end of 2008, but have subsequently been extended (see Tax Law Changes Impacting 2009 Tax Returns).
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