Corporate Alternative Minimum Tax (CAMT)

The Inflation Reduction Act of 2022 amended IRC 55 to create a new Corporate Alternative Minimum Tax (CAMT) which imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of applicable large corporations under IRC 59(k) for taxable years beginning after Dec. 31, 2022. Form 4626, Alternative Minimum Tax – Corporations, is used to determine whether a corporation is an applicable corporation under IRC 59(k) and to calculate CAMT under IRC 55 for applicable corporations.