The change, which is reflected in section 55 of the Tax Code, imposes a 15% minimum tax on the adjusted financial statement income of large corporations.
that it will grant penalty relief for corporations that did not pay estimated tax in connection with the new corporate alternative minimum tax, or CAMT.As part of the Inflation Reduction Act of 2022, Congress created the CAMT. The change, which is reflected in
CAMT does not apply to S corporations, real estate investment trusts , and regulated investment companies . That's a practical exception—those are typically pass-through entities and not subject to corporate income taxes.As you can imagine, corporations can't simply rely on a line on a tax return to determine whether they are an applicable corporation subject to the CAMT.
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