CONGRESS FOR VOTERS

RepublicanBill · S. 796· Senate(119-S-796)

Book Minimum Tax Repeal Act

Rep. Barrasso
Age: 74 years
Wyoming
Introduced
2/27/2025
Last activity
2/27/2025 — Read twice and referred to the Committee on Finance. (text: CR S1431)
Sponsored by
John Barrasso
Cosponsors
Republican - 8Democrat - 0
Taxation
  1. Introduced
  2. In Committee

What this bill would do

This bill, titled the "Book Minimum Tax Repeal Act," aims to amend the Internal Revenue Code of 1986. The primary purpose is to repeal the corporate alternative minimum tax. It modifies Section 55 to apply the tentative minimum tax to taxpayers other than corporations. Additionally, it adjusts the General Business Credit to treat a corporation as having a tentative minimum tax of zero. The act also includes several conforming amendments to various sections of the tax code. These changes are set to take effect for taxable years beginning after December 31, 2024.

Yes

  • Does this raise taxes on the highest earners?+5

    By removing the corporate exemption from the alternative minimum tax, the tax burden shifts to non-corporate taxpayers such as high-earning individuals.

  • Would business owners be better off under this?+4

    The repeal of the corporate alternative minimum tax reduces tax liabilities for corporate entities.

  • Does this make it easier to run a small business?+1

    The removal of the corporate alternative minimum tax provides tax relief for corporate entities.

The opposite

  • Does this raise the taxes companies pay?-5

    The bill repeals the corporate alternative minimum tax, which reduces the tax burden on corporations.

  • Would high-income households be better off under this?-3

    The bill increases the scope of the alternative minimum tax to apply to non-corporate taxpayers, which may affect high-income individuals.

  • Does this reduce what the federal government spends?-1

    Repealing corporate tax requirements may reduce federal revenue.