“A bill to amend the Internal Revenue Code of 1986 to repeal the corporate alternative minimum tax.”
No CRS summary available for this bill.
This section repeals the corporate alternative minimum tax (CAMT) for taxable years beginning after December 31, 2024. (As background, the CAMT—enacted by the Inflation Reduction Act of 2022—imposes tax equal to the excess of 15% of a corporation's adjusted financial statement income (generally for those with average annual AFI exceeding $1 billion) over its regular tax liability.) The section also (1) restores the tentative minimum tax for non-corporate taxpayers to 26% of so much of alternative minimum taxable income exceeding the exemption amount as does not exceed $175,000, plus 28% of the excess over $175,000 (reduced by the alternative minimum tax foreign tax credit); (2) treats corporations as having a tentative minimum tax of zero for purposes of the general business credit limitation; and (3) makes conforming amendments throughout the Internal Revenue Code to eliminate CAMT-related provisions (e.g., striking new section 56A on adjusted financial statement income and related cross-references).