American Taxpayer Relief Act was enacted finally at the close of 2012 saving millions of taxpayers from waiting to file tax returns. This legislation provided updated AMT income exemptions for 2012 and also addressed indexed amounts for the future and inflation. The amounts will now be automatically raised with inflation and passing new legislation each year for this issue will no longer be left to last minute Congress actions. This legislation addressed the former use of interim measures that previously were in place, set to expire and caused major concern by the IRS at the close of 2012.
