Bill > S796

This bill proposes to repeal the corporate alternative minimum tax (AMT), which is a parallel tax system designed to ensure that corporations pay a minimum amount of tax regardless of deductions or credits. The legislation would modify the Internal Revenue Code by removing provisions related to the corporate AMT, effectively eliminating this tax for corporations. Specifically, the bill strikes language requiring corporations to calculate and pay an alternative minimum tax, modifies sections related to tax calculations, and removes references to AMT provisions throughout the tax code. The changes would apply to taxable years beginning after December 31, 2024, giving businesses and tax authorities time to prepare for the new tax structure. By repealing the corporate AMT, the bill aims to simplify corporate tax calculations and potentially reduce the tax burden on corporations. The legislation makes numerous technical amendments to various sections of the tax code to ensure a comprehensive removal of the alternative minimum tax requirements for corporations.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/796/all-info