What does Preamble of Book Minimum Tax Repeal Act do?

This bill proposes to amend the Internal Revenue Code of 1986. The stated purpose of the bill is to repeal the corporate alternative minimum tax.

What does SHORT TITLE. of Book Minimum Tax Repeal Act do?

This Act is formally titled the 'Book Minimum Tax Repeal Act'.

What does REPEAL OF CORPORATE ALTERNATIVE MINIMUM TAX. of Book Minimum Tax Repeal Act do?

This section amends Section 55 of the Internal Revenue Code of 1986 to repeal the corporate alternative minimum tax (CAMT). The CAMT is replaced with a modified tentative minimum tax calculation, applying a 26% rate to the first $175,000 of taxable excess and a 28% rate to amounts exceeding that threshold. The calculation considers adjustments and tax preference items to determine alternative minimum taxable income. Section 38(c)(6)(E) of the Internal Revenue Code is amended to treat corporations as having a tentative minimum tax of zero. Several sections of the Internal Revenue Code are amended to conform to the repeal of the CAMT, including sections 11, 12, 53, 59, 6425, 6655, 860E, 882, and 897. These amendments apply to taxable years beginning after December 31, 2024.

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Book Minimum Tax Repeal Act

Last updated: 2/27/2025 · Introduced: 2/27/2025

Author: John Barrasso (R-WY)

TL;DR (AI)

This bill repeals the corporate alternative minimum tax (CAMT) established in 1986.
The bill replaces the CAMT with a modified tentative minimum tax calculation using rates of 26% and 28% on taxable excess income.
Numerous sections of the Internal Revenue Code are amended to conform to the repeal of the CAMT, impacting how corporations calculate their minimum tax liability.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

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