S 1559
118th Congress
Senate
Taxation
Book Minimum Tax Repeal Act
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 11, 2023
Read twice and referred to the Committee on Finance.
May 11, 2023
Introduced in Senate
Plain-English summary
Book Minimum Tax Repeal Act
This bill repeals the 15% alternative tax on the financial statement (i.e., book) income of certain corporations. The tax applies to companies that report over $1 billion in profits to their shareholders.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1