A bipartisan coalition of Senate Finance Committee members, including Chairman Charles Grassley (R-IA), Ranking Member Max Baucus (D-MT), Ron Wyden (D-OR) and Jon Kyl (R-AZ), introduced legislation last week to repeal the federal individual alternative minimum tax (AMT). The bipartisan "Individual Alternative Minimum Tax Repeal Act of 2005" would amend the Internal Revenue Code of 1986 to end the AMT beginning in the 2006 tax year.