IRS issues proposed regulations for corporate AMT

September 21, 2024

The IRS has issued proposed regulations addressing the application of the Sec. 55 corporate alternative minimum tax (AMT).

The Inflation Reduction Act created the corporate AMT, which imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of large corporations for taxable years beginning after Dec. 31, 2022.

The proposed regulations provide guidance on determining if a corporation is subject to the corporate AMT, including rules for members of a foreign-parented multinational group and the determination of the corporate AMT foreign tax credit.

The proposed regulations also address the application of the corporate AMT to affiliated corporations filing a consolidated income tax return. Learn more.

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