S.1851 - Federal Government - A bill to amend the Internal Revenue Code of 1986 to allow personal exemptions under the individual alternative minimum tax, and for other purposes.

Saving Families First Alternative Minimum Tax Relief Act of 2007 - Amends the Internal Revenue Code to allow: (1) the tax deduction for personal exemptions in determining the alternative minimum taxable income of individual taxpayers; and (2) an inflation adjustment for alternative minimum tax exemption and phaseout amounts for individual taxpayers beginning after 2007.