Read twice and referred to the Committee on Finance. (text: CR S1431)
This bill repeals the corporate alternative minimum tax (the corporate AMT) in Internal Revenue Code section 55, removes related statutory cross-references, and makes conforming amendments. It treats corporations as having a tentative minimum tax of zero for certain credit calculations.
Liberals emphasize revenue loss and tax fairness concerns
Narrow scope helps clarity, but revenue loss and partisan division over tax cuts raise hurdles.
This bill repeals the corporate alternative minimum tax (the corporate AMT) in Internal Revenue Code section 55, removes related statutory cross-references, and makes conforming amendments.
It treats corporations as having a tentative minimum tax of zero for certain credit calculations.
The repeal applies to taxable years beginning after December 31, 2024.
Technically narrow but high fiscal cost and lack of compromise features lower enactment chances, especially in the Senate.
How solid the drafting looks.
Liberals emphasize revenue loss and tax fairness concerns
These are examples from the analysis, not a ranked list of the most-affected groups.
Liberals emphasize revenue loss and tax fairness concerns
Likely views the bill negatively as a targeted tax cut for corporations that reduces tax progressivity and federal revenue.
Sees repeal as favoring profitable firms over funding for social programs unless fully offset.
Approaches the bill cautiously: welcomes simpler rules but worries about revenue and distributional effects.
Would seek CBO scoring and credible offsets before supporting passage.
Likely strongly supports repeal as pro-growth tax relief that removes an onerous corporate minimum tax.
Views change as improving competitiveness and reducing business tax complexity.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Technically narrow but high fiscal cost and lack of compromise features lower enactment chances, especially in the Senate.
The bill has not accumulated any surfaced votes yet.
Liberals emphasize revenue loss and tax fairness concerns
Technically narrow but high fiscal cost and lack of compromise features lower enactment chances, especially in the Senate.
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