Book Minimum Tax Repeal Act
Official title: A bill to amend the Internal Revenue Code of 1986 to repeal the corporate alternative minimum tax.
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Read twice and referred to the Committee on Finance. (text: CR S1431)
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.
- Introduced in Senate Formatted Text PDF Formatted XML
- AMERICAN PROPERTY CASUALTY INSURANCE ASSOCIATION FKA PROPERTY CASUALTY INSURERS ASSOC. OF AMERICA
- NATIONAL ASSOCIATION OF MUTUAL INSURANCE COMPANIES
- AMERICAN PROPERTY CASUALTY INSURANCE ASSOCIATION FKA PROPERTY CASUALTY INSURERS ASSOC. OF AMERICA
- CHAMBER OF COMMERCE OF THE U.S.A.
- AMERICAN PROPERTY CASUALTY INSURANCE ASSOCIATION FKA PROPERTY CASUALTY INSURERS ASSOC. OF AMERICA
- NATIONAL ASSOCIATION OF MUTUAL INSURANCE COMPANIES
Bodies those filers lobbied
- HOUSE OF REPRESENTATIVES
- SENATE
- Treasury, Dept of
- Transportation, Dept of (DOT)
- Agriculture, Dept of (USDA)
- Homeland Security, Dept of (DHS)
- White House Office
- Natl Economic Council (NEC)
Cite this page
U.S. Congress. (2026). S. 796: Book Minimum Tax Repeal Act. 119th Congress. Open America. https://openamerica.io/bill/119-S-796/
"S. 796: Book Minimum Tax Repeal Act." 119th Congress, 2026, Open America, https://openamerica.io/bill/119-S-796/.
S. 796, 119th Cong. (2026), https://openamerica.io/bill/119-S-796/.
[S. 796: Book Minimum Tax Repeal Act](https://openamerica.io/bill/119-S-796/)