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Book Minimum Tax Repeal Act
A bill to amend the Internal Revenue Code of 1986 to repeal the corporate alternative minimum tax.
- Introduced
- Committee
- Passed Senate
- Passed House
- To President
- Became law
Summary
Book Minimum Tax Repeal Act
This bill repeals the corporate alternative minimum tax (CAMT) and makes related modifications to the general business tax credit.
Under current law, a 15% CAMT is imposed on a corporation with adjusted financial statement income (also known as book income) exceeding an average of $1 billion for a consecutive three-year period (or an average of $100 million for a U.S. corporation that is part of a foreign parent multinational group if the adjusted financial statement income of such group exceeds an average of $1 billion for a consecutive three-year period). Adjusted financial statement income generally is the net income or loss reported on the corporation’s applicable financial statement for a tax year, with adjustments for specific items.
The bill repeals the CAMT and modifies a related limit on the amount of general business tax credits allowed for a corporation.
Summary by the Congressional Research Service, Library of Congress.
Actions
- Feb 27, 2025 Read twice and referred to the Committee on Finance. (text: CR S1431)
- Feb 27, 2025 Introduced in Senate
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