Treasury Proposes Rules on Corporate Alternative Minimum Tax (2)

The Treasury Department and the IRS proposed long-awaited regulations Thursday to clarify how the new corporate book-income tax will be applied and calculated.

The proposed rules (REG 112129-23, RIN 1545-BQ84) move companies’ attempts to comply with the corporate alternative minimum tax, or CAMT, into a new phase. Many companies will be liable for paying CAMT for the first time Oct. 15, the extended corporate tax-filing deadline for 2023, the first year the tax was in effect.

CAMT requires large companies to pay at least 15% in taxes on the income they report on their financial statements, which can ...