
Senate Finance Chairman Crapo releases substitute for House-passed tax package
Senate Finance Committee Chairman Mike Crapo released a 549-page substitute tax amendment intended to modify the tax provisions approved by the House as part of H.R. 1.
December 2024
Treasury and the IRS on December 23 released technical corrections to the proposed regulations on the corporate alternative minimum tax (CAMT). Enacted in 2022, the Inflation Reduction Act (IRA) imposes a 15% minimum tax based on the adjusted financial statement income (AFSI) of an ‘applicable corporation.’ The CAMT is effective for tax years beginning after December 31, 2022. The proposed regulations were issued in September 2024.
The technical corrections address depreciation methods, tax-exempt adjustments, and Section 351 transactions, and cover AFSI adjustments, entity classification, and basis recalculations. The technical corrections also include adjustments to pages and paragraphs (e.g., correcting numerical references and terminology) and effective dates (e.g., certain provisions are retroactively clarified to tax years ending after December 31, 2019).
Comments on the technical corrections are due January 16, 2025.
Senate Finance Committee Chairman Mike Crapo released a 549-page substitute tax amendment intended to modify the tax provisions approved by the House as part of H.R. 1.
Explore how H.R. 1 may reshape taxes, investments, and policy across the financial services industry
Texas legislation sent to Governor Greg Abbott (R) on June 1 provides for an enhanced research and development (R&D) franchise tax credit.
PwC's latest Tariff Industry Analysis examines President Trump's reciprocal tariffs and the mitigation strategies that companies are considering.