Senate Rejects Push to Nullify Corporate AMT Guidance: BGOV Tax

Senate Rejects Wyden Effort on Book Tax

Senate Republicans Tuesday rejected an effort from Democrats to nullify Trump administration guidance on the corporate alternative minimum tax.

The chamber voted 47-51 on a procedural motion on a resolution (S.J. Res 95) from Senate Finance Committee ranking member Ron Wyden (D-Ore.). The measure would have disapproved of an IRS notice that gives partnerships and their partners more flexibility in determining how much of their income is subject to the tax.

Democrats created CAMT in their 2022 tax-and-climate law as a way to prevent large, profitable companies from paying little to nothing in ...