Industry Asks Treasury for CAMT Exceptions for Bankruptcy Status

A top Treasury Department official said the agency would consider adding more exceptions for certain change-of-ownership cases under the corporate alternative minimum tax before issuing final rules.

CAMT allows companies to remove their applicable corporation status if they leave a consolidated group where the parent company is subject to CAMT rules, and they themselves don’t exceed the $1 billion three-year revenue threshold. CAMT’s intent is to crack down on companies that have been able to pay little or nothing in the past by taking advantage of tax breaks and tax-planning strategies.

Theron West, attorney adviser in Treasury’s Office of ...