Businesses Push Treasury for Rules Tweaking Book Income Tax

Business, advocacy, and academic groups are starting to weigh in on how the Treasury Department should clarify and implement the new minimum tax on companies’ financial-statement income.

In a series of comment letters that Treasury released Tuesday, the groups urged the department to clarify how it will determine what constitutes the “book” income that will be subject to the 15% minimum tax—what Treasury will rely on to determine it, and what should or shouldn’t be included in that number. The department is trying to provide some guidance by the time the new tax takes effect Jan. 1.

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