OrbitaxU.S. Inflation Reduction Act of 2022 Signed into Law Including New Corporate Alternative Minimum Tax
|Approved Changes|United States
U.S. President Joe Biden signed the Inflation Reduction Act of 2022 (Bill H.R. 5376) into law on 16 August 2022. The main tax provisions of the Act include:
- Establishing a 15% corporate alternative minimum tax for taxable years beginning after 31 December 2022;
- Imposing a 1% excise tax on corporate stock repurchases after 31 December 2022;
- Establishing an excise tax on drug manufacturers, pro…
