Ways and Means AMT fix expected to die in Senate
One of the features of the House AMT bill is to change the method of taxation on carried interest of private equity fund managers from the current capital gain tax rates to ordinary income tax rates.
Senator Max Baucus, D-MO, chairman of the Senate Finance Committee, has indicated he is against this aspect of the legislation and will prevent the legislation from becoming law.
"Chairman Baucus' comments clearly indicate that such a bill is dead on arrival in the Senate," said Ways and Means ranking member Jim McCrery, R-LA.
The House legislation, known as the Temporary Tax Relief Act of 2007, is designed to provide a bandaid by protecting an estimated 21 million people from paying the higher AMT tax this year while Congress hashes out a more definitive tax bill in 2008.
Ways and Means passes AMT fix, Treasury not pleased 
You can read the complete text  of the House legislation.