Book Minimum Tax Repeal Act: Corporate Tax Amendments
The bill amends the Internal Revenue Code of 1986 to repeal the corporate alternative minimum tax. It specifies that the tentative minimum tax applies to taxpayers other than corporations. For these taxpayers, the bill sets the rates at 26 percent on taxable excess up to $175,000 and 28 percent on amounts exceeding that threshold. The amendments apply to taxable years beginning after December 31, 2022.
Key points
Repeal of the Corporate Alternative Minimum Tax.
Establishment of tentative minimum tax rates for non-corporate taxpayers at 26% and 28% ($175,000 threshold).
Amendments apply to taxable years beginning after December 31, 2022.
Expired
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