Too slow to help us much. This bill has a great cosponsor list with bipartisan support. Philip S. English R of Erie, Pennsylvania introduced H.R. 437 to eliminate both corporate and individual AMT retroactive to the start of 2001. Corporate AMT has hurt the steel industry in his district. Sam Johnson R of Plano, TX introduced H.R. 275 to eliminate individual AMT retroactive to start of 2001 plus eliminate AGI limitations on itemized deductions, personal exemptions, and child tax credit.
Primary motivation seems to be tax simplification.
Charles B. Rangel D of Harlem introduced H.R. 1196 to allow State and local taxes to be deducted in computing the alternative minimum tax.