SB 796, the Book Minimum Tax Repeal Act, would repeal the corporate alternative minimum tax (CAMT) enacted in the Internal Revenue Code. The bill amends section 55 of the tax code to remove the corporate AMT framework, while preserving the individual alternative minimum tax structure for non-corporate taxpayers. It also makes related changes to the general business credit and several conforming provisions throughout the tax code so that corporate taxpayers are no longer subject to CAMT-related calculations, references, or adjustments.
The bill would apply to taxable years beginning after December 31, 2024, meaning it would affect corporate tax liability prospectively from 2025 onward. In practical terms, it would eliminate the CAMT’s 15-percent-style minimum tax regime for applicable corporations and remove associated provisions tied to adjusted financial statement income, tentative minimum tax, and related estimated tax rules. The measure would primarily affect large corporations that could otherwise be subject to the corporate minimum tax, as well as tax practitioners and the IRS through the need to update compliance and administration rules.
Impact
If enacted, SB 796 would amend the Internal Revenue Code to repeal section 55 as it applies to corporations and strike or revise multiple related provisions, including references to adjusted financial statement income, corporate tentative minimum tax, and certain estimated tax and credit rules. The bill would therefore reduce or eliminate the corporate alternative minimum tax’s role in federal tax administration and would require conforming changes across several code sections to keep the tax system internally consistent. The principal affected parties would be corporations potentially subject to CAMT, tax preparers, and the IRS.
Sentiment
The available legislative record shows the bill was introduced by a group of Republican senators and referred to the Senate Finance Committee, with no recorded votes or committee transcript excerpts provided. Based on the sponsorship and the bill’s purpose, the measure appears to reflect support for repealing a corporate tax provision viewed by its sponsors as burdensome or unnecessary. Because there is no discussion transcript or vote history in the provided materials, there is no direct evidence of broader bipartisan sentiment or formal opposition in the record supplied.
Contention
The main point of contention is the policy choice to repeal the corporate alternative minimum tax entirely. Supporters are likely to argue that the CAMT adds complexity, creates uncertainty, and imposes an additional tax burden on corporations, while opponents would likely view repeal as reducing tax fairness and weakening a mechanism intended to ensure large corporations pay at least a minimum level of federal tax. No specific objections or amendments are documented in the provided materials, so the dispute is inferred from the substance of the proposal rather than from recorded debate.