CAMT imposes a 15-percent minimum tax on adjusted financial statement income of large corporations after Dec. 31, 2022. Created until the Inflation Reduction Act, the CAM applies to corporations with annual income of more than $1 billion. Notice 2023-07clarifies which corporations the CAMT applies to and how it is calculated. It also provides method for smaller corporations to determine the tax does not apply to them.
IRS Guides on New CAMT
Interim guidance on the new corporate alternative minimum tax has been issued by the Internal Revenue Service.
