S796Referred to Committee

Book Minimum Tax Repeal Act

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2025-02-27
Introduced
8
Cosponsors
S
ⓘ
Type

Sponsor

John Barrasso
John Barrasso
Republican · WY · Senator
Votes with party: 75.6% (854 recorded votes)

Full profile: /officials/B001261

Source: Congress.gov · FEC

Cosponsors (8)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

8 cosponsors on record at Congress.gov. The named list is syncing into Govwatch and will appear here shortly — view on Congress.gov in the meantime.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Read twice and referred to the Committee on Finance. (text: CR S1431)

2025-02-27

Source: Congress.gov

Committee Activity

Currently in

Plain-English 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.

Plain-English rewrite of the Congressional Research Service summary published on Congress.gov. Cached and reviewed.

Subjects

Taxation
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