Book Minimum Tax Repeal Act
Sponsored By: Senator Barrasso, John [R-WY]
Introduced
Summary
Repeals the corporate alternative minimum tax. It replaces corporate AMT rules with a new tentative minimum tax framework that applies to non-corporate taxpayers and cleans up AMT cross-references across the code.
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- Corporations: Corporations no longer face a separate corporate AMT. For calculating the general business credit the bill treats a corporation’s tentative minimum tax as zero.
- Non-corporate taxpayers: The new tentative minimum tax (TMT) taxes "taxable excess" at 26% up to $175,000 and 28% on amounts above $175,000. Taxable excess is defined as alternative minimum taxable income minus an exemption, and married filers filing separately use 50% of the dollar thresholds.
- Code and timing: Section 55 is reworked to set the TMT for non-corporate taxpayers, many AMT-specific provisions and cross-references are removed or conformed, and the changes apply to taxable years beginning after December 31, 2024.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Corporate minimum tax repeal and credits
If enacted, this would repeal the corporate alternative minimum tax for tax years starting after December 31, 2024. Corporations would be treated as having a tentative minimum tax of zero when applying the general business credit. The bill would remove the statutory adjusted financial statement income rule and strip related references from estimated tax rules. It would also update cross-references to reflect these changes.
New tentative minimum tax for individuals
If enacted, the bill would create a new tentative minimum tax (TMT) for non‑corporate taxpayers for tax years starting after December 31, 2024. The TMT would be 26% of taxable excess up to $175,000 and 28% of taxable excess above $175,000. Taxable excess would equal your AMTI minus the AMT exemption amount. The tax would be reduced by any AMT foreign tax credit. Married people filing separately would use 50% of the listed dollar thresholds. AMTI would be taxable income adjusted under the AMT adjustment and preference rules (sections 56, 57, and 58).
Sponsors & CoSponsors
Sponsor
Barrasso, John [R-WY]
WY • R
Cosponsors
Sen. Crapo, Mike [R-ID]
ID • R
Sponsored 2/27/2025
Sen. Lankford, James [R-OK]
OK • R
Sponsored 2/27/2025
Sen. Cassidy, Bill [R-LA]
LA • R
Sponsored 2/27/2025
Sen. Daines, Steve [R-MT]
MT • R
Sponsored 2/27/2025
Sen. Blackburn, Marsha [R-TN]
TN • R
Sponsored 2/27/2025
Sen. Ricketts, Pete [R-NE]
NE • R
Sponsored 2/27/2025
Sen. Risch, James E. [R-ID]
ID • R
Sponsored 2/27/2025
Sen. Lummis, Cynthia M. [R-WY]
WY • R
Sponsored 2/27/2025
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov