What is the corporate Alternative Minimum Tax (CAMT)?

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

What is a corporate Alternative Minimum Tax?

Relief from additions to tax for underpayments applicable to the new corporate alternative minimum tax The corporate alternative minimum tax is a tax created under the Inflation Reduction Act of 2022.

What does IR 2023-167 mean for corporations?

IR-2023-167, Sept. 12, 2023 — The Department of Treasury and the Internal Revenue Service today issued Notice 2023-64 to provide additional interim guidance designed to help corporations determine whether the new corporate alternative minimum tax (CAMT) applies to them and how to compute the tax.