Repealing the Corporate Minimum Tax on Book Income
This bill aims to repeal the corporate alternative minimum tax by amending the Internal Revenue Code of 1986. The changes remove provisions regarding tax on adjusted financial statement income, leaving the minimum tax applicable only to taxpayers other than corporations. The new rules apply to taxable years beginning after December 31, 2022.
Key points
The bill repeals the Corporate Alternative Minimum Tax for corporations.
The amendment modifies the definition of a taxpayer in Section 55 of the Tax Code to exclude corporations.
The changes are effective for taxable years beginning after December 31, 2022.
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