Book Minimum Tax Repeal Act
Latest action · Feb 27, 2025 Read twice and referred to the Committee on Finance. (text: CR S1431)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 27, 2025
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 8
Members who signed on, in the order they did. All signed on Feb 27, 2025.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-LA | Bill Cassidy | Original | Feb 27, 2025 |
| R-WY | Cynthia M. Lummis | Original | Feb 27, 2025 |
| R-ID | James E. Risch | Original | Feb 27, 2025 |
| R-OK | James Lankford | Original | Feb 27, 2025 |
| R-TN | Marsha Blackburn | Original | Feb 27, 2025 |
| R-ID | Mike Crapo | Original | Feb 27, 2025 |
| R-NE | Pete Ricketts | Original | Feb 27, 2025 |
| R-MT | Steve Daines | Original | Feb 27, 2025 |
Actions 2
Everything that happened, newest first.
- Feb 27, 2025Introduced in Senate
- Feb 27, 2025Read twice and referred to the Committee on Finance. (text: CR S1431)
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Feb 27, 2025Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.