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Corporate AMT Repealed The Tax Cuts and Jobs Act repealed the AMT on corporations. Conforming changes also simplified dozens of other tax code sections that were related to the corporate AMT. The TCJA also allows corporations to offset regular tax liability by any minimum tax credit they may have for any tax year.
\u201cSmall\u201d corporations \u2013 those whose average annual gross receipts for the prior three years didn't exceed $7.5 million ($5 million for startups) \u2013 were exempt from the AMT.
Under an AMT, corporations are required to calculate their income tax liability under two systems and pay the higher amount. This requirement under the federal AMT imposed steep compliance costs on businesses, which in some cases proved larger than collections.
Corporate AMT Repealed The Tax Cuts and Jobs Act repealed the AMT on corporations. Conforming changes also simplified dozens of other tax code sections that were related to the corporate AMT. The TCJA also allows corporations to offset regular tax liability by any minimum tax credit they may have for any tax year.
Who Has To Pay the AMT? You only have to concern yourself with the AMT if your adjusted gross income (AGI) exceeds the exemption for your filing status. You would then have to calculate your alternative minimum taxable income and pay the higher tax.
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An individual's or married couple's income above the alternative minimum tax exemption amounts is what triggers the alternative minimum tax. This typically applies to higher earners. The AMT is 26% or 28%.
15% Minimum Tax: The CAMT imposes a 15% corporate alternative minimum tax on the adjusted financial statement income (\u201cAFSI\u201d) of applicable corporations for taxable years beginning after December 31, 2022.
California tax laws give special treatment to some types of income and allow special deductions and credits for some types of expenses. Corporations that benefit from these laws may have to pay AMT in addition to the minimum franchise tax. The AMT rate for C corporations is 6.65%.
Corporate AMT Repealed The Tax Cuts and Jobs Act repealed the AMT on corporations. Conforming changes also simplified dozens of other tax code sections that were related to the corporate AMT. The TCJA also allows corporations to offset regular tax liability by any minimum tax credit they may have for any tax year.
The AMT was thus designed to prevent specific companies from using enough tax breaks to face zero tax liability in a given year while reporting an accounting profit. It was ultimately repealed in 2017 after the corporate AMT underwent numerous tweaks and reforms.

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