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US Inflation Reduction Act includes 15% corporate minimum tax on book income

|Tax Alerts, National/Federal Taxation, L ...|United States
United States

  • The new tax will require companies to compute two separate calculations for federal income tax purposes and pay the greater of the new minimum tax or their regular tax liability.

  • To determine whether the new tax applies, companies must first ascertain whether their "average annual adjusted financial statement income" (AFSI) exceeds $1 billion for any three consecutive years preceding the tax year.

  • A…

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