To the steel industry, the 1986 reforms of the alternative minimum tax (AMT) have been like the albatross on the bow of the ship: unwanted and permanent. The AMT was instituted to ensure that all profitable companies pay at least some tribute to the federal government each year. Critics say it draws the lifeblood of capital from corporations. The decade-long crusade to repeal or phase out the alternative minimum tax likely won't end this year. But crucial steps designed to minimize AMT's pain to integrated steel mills have been made. A bipartisan group of senators included a set of AMT reforms in the balanced-budget package.
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