WASHINGTON — Rep. Charles Rangel of Harlem is finally acknowledging what most tax watchers here have long known: His nearly $1 trillion overhaul of the tax code will have to wait until next year — at the earliest.

The Democratic chairman of the House Ways and Means Committee said yesterday he would introduce two separate tax bills next week: one that will permanently scrap the alternative minimum tax, and another that will merely “patch” it for one year.

The permanent AMT fix is what Mr. Rangel has been calling the “mother of all tax reform,” but because he intends to propose a series of tax hikes to offset an estimated $841 billion revenue loss over a decade, the proposal is certain to face a bruising political battle. Most tax scholars predict Mr. Rangel will need a Democratic administration in 2009 to have any chance at all.

A one-year solution costs $65 billion and is also likely to include tax increases because of new “pay-as-you-go” rules instituted by the Democratic-controlled Congress that require all tax cuts to be revenue-neutral. “We’ll pay for it with great difficulty,” Mr. Rangel told reporters in a briefing yesterday at his Capitol office. Some Democrats are likely to suggest waiving the “pay-go” rule for the one-year AMT fix, but Mr. Rangel said he would not recommend doing so. Nonetheless, he would not rule out the possibility that the congressional leadership would insist on it to get the bill passed.

The minimum tax has long been a thorn in the side of lawmakers. Initially enacted in 1969 to ensure that the 155 wealthiest Americans paid a modicum of income taxes, it was never adjusted for inflation and could hit more than 23 million people next year if Congress doesn’t act.

Mr. Rangel has long scoffed at only patching the AMT for one year, a notion that tax scholars equate with kicking the can down the road. But the reason for his shift is timing: The Internal Revenue Service needs to print its forms for next year, and millions of taxpayers need to figure out what they owe. The smaller bill is much more likely to win passage than the broader, more expensive overhaul. “I can’t leave the taxpayers not knowing,” Mr. Rangel said.

While acknowledging the political realities, he sought to cast in a more positive light the decision that could result in a lengthy delay for his broader tax reform. “We’re so proud of our product that vetting it would bring more support than fast-tracking it,” he said.

Mr. Rangel made clear that his priority remained the larger bill, and he held out hope that it would gain momentum and pass quicker than expected. He would not disclose the details of how he intends to pay for it, but he said it would include a tax increase on the “carried interest” profits that hedge fund managers earn. It will also likely include a rate cut on corporate taxes, to be offset by closing certain so-called “loopholes.” He said it would benefit 90 million taxpayers in total.

He conceded that many people say he should wait until he has a Democratic president on his side, but he dismissed that notion. “When you’re 77 years old, you don’t have the benefit of thinking that far in advance,” he said.