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End of Corporate Minimum Tax: Simpler Business Taxes

This act eliminates a special minimum tax for large corporations, previously based on their book profits. This simplifies the tax system for these companies, potentially influencing their investment and operational decisions. For citizens, these changes could indirectly affect the job market and product prices, depending on how companies utilize any saved funds.
Key points
Repeals the corporate alternative minimum tax, which was based on financial statement income.
Simplifies tax regulations for corporations, potentially impacting their financial liquidity and investment capacity.
Changes apply to tax years beginning after December 31, 2024.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_796
Sponsor: Sen. Barrasso, John [R-WY]
Process start date: 2025-02-27
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Book Minimum Tax Repeal Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_796.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-02-27.

What are the main provisions?

Key points include:

  • Repeals the corporate alternative minimum tax, which was based on financial statement income.
  • Simplifies tax regulations for corporations, potentially impacting their financial liquidity and investment capacity.
  • Changes apply to tax years beginning after December 31, 2024.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Barrasso, John [R-WY].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Taxes Economy