II
119THCONGRESS
1
STSESSION S. 796
To amend the Internal Revenue Code of 1986 to repeal the corporate
alternative minimum tax.
IN THE SENATE OF THE UNITED STATES
FEBRUARY27, 2025
Mr. B
ARRASSO(for himself, Mr. CRAPO, Mr. LANKFORD, Mr. CASSIDY, Mr.
D
AINES, Mrs. BLACKBURN, Mr. RICKETTS, Mr. RISCH, and Ms. LUMMIS)
introduced the following bill; which was read twice and referred to the
Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to repeal
the corporate alternative minimum tax.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Book Minimum Tax 4
Repeal Act’’. 5
SEC. 2. REPEAL OF CORPORATE ALTERNATIVE MINIMUM 6
TAX. 7
(a) I
NGENERAL.—Section 55 of the Internal Rev-8
enue Code of 1986 is amended— 9
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•S 796 IS
(1) in subsection (a)— 1
(A) by striking ‘‘There’’ and inserting ‘‘In 2
the case of a taxpayer other than a corporation, 3
there’’, and 4
(B) by striking ‘‘plus, in the case of an ap-5
plicable corporation, the tax imposed by section 6
59A’’ in paragraph (2), and 7
(2) by striking subsection (b) and inserting the 8
following: 9
‘‘(b) T
ENTATIVEMINIMUMTAX.— 10
‘‘(1) A
MOUNT OF TENTATIVE MINIMUM TAX .— 11
‘‘(A) I
N GENERAL.—The tentative min-12
imum tax for the taxable year is the sum of— 13
‘‘(i) 26 percent of so much of the tax-14
able excess as does not exceed $175,000, 15
plus 16
‘‘(ii) 28 percent of so much of the tax-17
able excess as exceeds $175,000. 18
The amount determined under the preceding 19
sentence shall be reduced by the alternative 20
minimum tax foreign tax credit for the taxable 21
year. 22
‘‘(B) T
AXABLE EXCESS.—For purposes of 23
this subsection, the term ‘taxable excess’ means 24
so much of the alternative minimum taxable in-25
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•S 796 IS
come for the taxable year as exceeds the exemp-1
tion amount. 2
‘‘(C) M
ARRIED INDIVIDUAL FILING SEPA -3
RATE RETURN.—In the case of a married indi-4
vidual filing a separate return, subparagraph 5
(A) shall be applied by substituting 50 percent 6
of the dollar amount otherwise applicable under 7
clause (i) and clause (ii) thereof. For purposes 8
of the preceding sentence, marital status shall 9
be determined under section 7703. 10
‘‘(2) A
LTERNATIVE MINIMUM TAXABLE IN -11
COME.—The term ‘alternative minimum taxable in-12
come’ means the taxable income of the taxpayer for 13
the taxable year— 14
‘‘(A) determined with the adjustments pro-15
vided in section 56 and section 58, and 16
‘‘(B) increased by the amount of the items 17
of tax preference described in section 57. 18
If a taxpayer is subject to the regular tax, such tax-19
payer shall be subject to the tax imposed by this sec-20
tion (and, if the regular tax is determined by ref-21
erence to an amount other than taxable income, such 22
amount shall be treated as the taxable income of 23
such taxpayer for purposes of the preceding sen-24
tence).’’. 25
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(b) APPLICATION TOGENERALBUSINESSCREDIT.— 1
Section 38(c)(6)(E) of the Internal Revenue Code of 1986 2
is amended to read as follows: 3
‘‘(E) C
ORPORATIONS.—In the case of a 4
corporation, this subsection shall be applied by 5
treating the corporation as having a tentative 6
minimum tax of zero.’’. 7
(c) C
ONFORMINGAMENDMENTS.— 8
(1) Section 11(d) of the Internal Revenue Code 9
of 1986 is amended by striking ‘‘the taxes imposed 10
by subsection (a) and section 55’’ and inserting ‘‘the 11
tax imposed by subsection (a)’’. 12
(2) Section 12 of such Code is amended by 13
striking paragraph (5). 14
(3) Section 53 of such Code is amended by 15
striking subsection (e). 16
(4) Part VI of subchapter A of chapter 1 of 17
such Code is amended by striking section 56A (and 18
the item related to such section in the table of sec-19
tions for such part). 20
(5) Section 59 of such Code is amended by 21
striking subsections (k) and (l). 22
(6) Section 860E(a)(4) of such Code is amend-23
ed by striking ‘‘section 55(b)(1)(D)’’ and inserting 24
‘‘section 55(b)(2)’’. 25
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(7) Section 882(a)(1) of such Code is amended 1
by ‘‘, 55,’’. 2
(8) Section 897(a)(2)(A)(i) of such Code is 3
amended by striking ‘‘section 55(b)(1)(D)’’ and in-4
serting ‘‘section 55(b)(2)’’. 5
(9) Section 6425(c)(1)(A) of such Code is 6
amended by striking clause (ii) and by redesignating 7
clause (iii) as clause (ii). 8
(10) Section 6655(e)(2) of such Code is amend-9
ed by striking ‘‘, adjusted financial statement in-10
come (as defined in section 56A)’’ each place it ap-11
pears in subparagraphs (A)(i) and (B)(i). 12
(11) Section 6655(g)(1)(A) of such Code is 13
amended by striking clause (ii) and by redesignating 14
clauses (iii) and (iv) as clauses (ii) and (iii), respec-15
tively. 16
(d) E
FFECTIVEDATE.—The amendments made by 17
this section shall apply to taxable years beginning after 18
December 31, 2024. 19
Æ
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