S. 796

Title

Book Minimum Tax Repeal Act

Summary

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.

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