senateStanding
Finance Committee
- Referred To
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S. 796In committee
Book Minimum Tax Repeal Act
Introduced: Feb 27, 2025
Latest action date: Feb 27, 2025
Latest development
Read twice and referred to the Committee on Finance. (text: CR S1431)
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- Congress
- 119th Congress
- Introduced
- Feb 27, 2025
- Recorded roll calls
- 0
Status detail: The most advanced recorded stage is committee consideration.
Plain-language overview
What this bill does
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.
Official summary from Congress.gov.
Civixly topics
What this legislation is about
Civixly topics make federal and state legislation comparable. They are derived from the official CRS policy area and legislative subjects.
Official CRS policy area
Taxation
Committee activity
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Official committee record ↗
Amendments
Proposed changes to this measure, with their latest official outcome or action from Congress.gov.
No amendments are listed for this measure.
Checked against Congress.gov Oct 16, 2026.
Action timeline
Newest action first. Action language comes from the official Congress.gov record.
View full action timeline2 actions
Read twice and referred to the Committee on Finance. (text: CR S1431)
IntroReferralSenateIntroduced in Senate
IntroReferralLibrary of Congress
Roll-call votes
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