Book Minimum Tax Repeal Act
- Last Action
- 2/27/2025
Actions
- 2025-02-27Read twice and referred to the Committee on Finance. (text: CR S1431)
- 2025-02-27Introduced in Senate
CRS Summary
As of 2025-02-27 (00)
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.
Cosponsors (8)
- Mike Crapo (R-ID)
- James Lankford (R-OK)
- Bill Cassidy (R-LA)
- Steve Daines (R-MT)
- Marsha Blackburn (R-TN)
- Pete Ricketts (R-NE)
- James Risch (R-ID)
- Cynthia Lummis (R-WY)
Sourced from Congress.gov (public domain).
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