S. 796 · 119th Congress
Book Minimum Tax Repeal Act
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R
BarrassoSponsor8 cosponsors · 8 R
8 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill repeals the corporate alternative minimum tax (CAMT) and makes related modifications to the general business tax credit.
What it does: CRS summary · Introduced in Senate · Feb 27, 2025
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Book Minimum Tax Repeal Act
Latest action (Feb 27, 2025): Read twice and referred to the Committee on Finance. (text: CR S1431)
Policy area: Taxation · Origin: Senate · Introduced: Feb 27, 2025
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.