‘‘(ii) owns or leases infrastructure 
other than climate-resilient infrastructure. 
‘‘(2) CLIMATE-RESILIENT INFRASTRUCTURE.— 
For purposes of this section, the term ‘climate-resil-
ient infrastructure’ means infrastructure with the 
ability to reduce the impact of major weather events 
and natural disasters. 
‘‘(3) 
SPECIAL
RULE
FOR
AFFILIATED 
GROUPS.—If any member of an affiliated group of 
corporations that files a consolidated return is a cor-
poration described in this subsection, all members of 
such group shall be considered corporations de-
scribed in this subsection for purposes of chapter 6 
of the Internal Revenue Code of 1986.’’. 
(c) CONFORMING AMENDMENTS.— 
(1) Section 38(c)(6) of the Internal Revenue 
Code of 1986 is amended by inserting ‘‘described in 
section 55(f)’’ after ‘‘In the case of a corporation’’. 
(2) Section 55(b)(1) of such Code is amended 
to read as follows: 
‘‘(1) AMOUNT OF TENTATIVE TAX.— 
‘‘(A) NONCORPORATE TAXPAYERS.— 
‘‘(i) IN GENERAL.—In the case of a 
taxpayer other than a corporation, the ten-
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tative minimum tax for the taxable year is 
the sum of— 
‘‘(I) 26 percent of so much of the 
taxable excess as does not exceed 
$175,000, plus— 
‘‘(II) 28 percent of so much of 
the 
taxable 
excess 
as 
exceeds 
$175,000. 
The amount determined under the pre-
ceding sentence shall be reduced by the al-
ternative minimum tax foreign tax credit 
for the taxable year. 
‘‘(ii) TAXABLE
EXCESS.—For pur-
poses of this subsection, the term ‘taxable 
excess’ means so much of the alternative 
minimum taxable income for the taxable 
year as exceeds the exemption amount. 
‘‘(iii) MARRIED
INDIVIDUAL
FILING 
SEPARATE RETURN.—In the case of a mar-
ried individual filing a separate return, 
clause (i) shall be applied by substituting 
50 percent of the dollar amount otherwise 
applicable under subclause (I) and sub-
clause (II) thereof. For purposes of the 
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preceding sentence, marital status shall be 
determined under section 7703. 
‘‘(B) CORPORATIONS.—In the case of a 
corporation described in subsection (f), the ten-
tative minimum tax for the taxable year is— 
‘‘(i) 20 percent of so much of the al-
ternative minimum taxable income for the 
taxable year as exceeds the exemption 
amount, reduced by 
‘‘(ii) the alternative minimum tax for-
eign tax credit for the taxable year.’’. 
(3) Section 55(b)(3) of such Code is amended 
by striking ‘‘paragraph (1)(A)’’ and inserting ‘‘para-
graph (1)(A)(i)’’. 
(4) Section 59(a) of such Code is amended— 
(A) in paragraph (1)(C), by striking ‘‘sec-
tion 55(b)(1) in lieu of the highest rate of tax 
specified in section 1’’ and inserting ‘‘subpara-
graph (A)(i) or (B)(i) of section 55(b)(1) 
(whichever applies) in lieu of the highest rate of 
tax specified in section 1 or 11 (whichever ap-
plies)’’; and 
(B) in paragraph (2), by striking ‘‘means’’ 
and all that follows and inserting the following: 
‘‘means— 
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‘‘(A) in the case of a taxpayer other than 
a corporation, the amount determined under the 
first sentence of section 55(b)(1)(A)(i), or 
‘‘(B) in the case of a corporation described 
in section 55(f), the amount determined under 
section 55(b)(1)(B)(i).’’. 
(5) Section 897(a)(2)(A) of such Code is 
amended by striking ‘‘section 55(b)(1)’’ and insert-
ing ‘‘section 55(b)(1)(A)’’. 
(6) Section 911(f) of such Code is amended— 
(A) by striking ‘‘section 55(b)(1)(B)’’ each 
place 
it 
appears 
and 
inserting 
‘‘section 
55(b)(1)(A)(ii)’’; and 
(B) in paragraph (1)(B), by striking ‘‘sec-
tion 
55(b)(1)(A)’’ 
and 
inserting 
‘‘section 
55(b)(1)(A)(i)’’. 
(7) Section 55(c)(1) of such Code is amended 
by inserting before the first period the following: ‘‘, 
the section 936 credit allowable under section 27(b), 
and the Puerto Rico economic activity credit under 
section 30A’’. 
(8) Section 55(d) of such Code is amended— 
(A) redesignating paragraphs (2) and (3) 
as paragraphs (3) and (4), respectively, and in-
serting after paragraph (1) the following: 
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‘‘(2) CORPORATIONS.—In the case of a corpora-
tion, the term ‘exemption amount’ means $40,000.’’; 
(B) in paragraph (3) (as so redesignated), 
by striking ‘‘and’’ at the end of subparagraph 
(B), by striking the period and inserting ‘‘, 
and’’ at the end of subparagraph (C), and by 
adding at the end the following: 
‘‘(D) $150,000 in the case of a taxpayer 
described in paragraph (2).’’; 
(C) in paragraph (4) (as so redesig-
nated)— 
(i) in subparagraph (B)(i), by striking 
‘‘(b)(1)(A)’’ and inserting ‘‘(b)(1)(A)(i)’’; 
and 
(ii) in subparagraph (B)(iii), by strik-
ing ‘‘paragraph (2)’’ and inserting ‘‘para-
graph (3)’’. 
(9) Section 55 of such Code is amended by re-
storing subsection (e) as though it had not been 
struck by Public Law 115–97. 
(10) Section 56(b)(2) of such Code is amended 
by redesignating subparagraph (C) as subparagraph 
(D) and by inserting after subparagraph (B) the fol-
lowing: 
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‘‘(C) SPECIAL RULE FOR PERSONAL HOLD-
ING COMPANIES.—In the case of circulation ex-
penditures described in section 173, the adjust-
ments provided in this paragraph shall apply 
also to a personal holding company (as defined 
in section 542).’’. 
(11) Section 56 of such Code is amended by re-
storing subsections (c) and (g) as though they had 
not been struck by Public Law 115–97. 
(12) Section 848 of such Code is amended by 
restoring subsection (i) as though it had not been 
struck by Public Law 115–97. 
(13) Section 58(a) of such Code is amended by 
redesignating paragraph (3) as paragraph (4) and 
by inserting the following after paragraph (2): 
‘‘(3) APPLICATION TO PERSONAL SERVICE COR-
PORATIONS.—For purposes of paragraph (1), a per-
sonal service corporation (within the meaning of sec-
tion 469(j)(2)) shall be treated as a taxpayer other 
than a corporation.’’. 
(14) Section 59 of such Code is amended by re-
storing subsections (b) and (f) as though they had 
not been struck by Public Law 115–97. 
(15) Section 11(d) of such Code is amended by 
striking ‘‘the tax imposed by subsection (a)’’ and in-
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serting ‘‘the taxes imposed by subsection (a) and 
section 55’’. 
(16) Section 12 of such Code is amended by re-
storing paragraph (7) as though it had not been 
struck by Public Law 115–97. 
(17) Section 168(k) of such Code is amended 
by restoring paragraph (4) as though it had not 
been struck by Public Law 115–97. 
(18) Section 882(a)(1) of such Code is amended 
by inserting ‘‘, 55,’’ after ‘‘section 11’’. 
(19) Section 962(a)(1) of such Code is amended 
by inserting ‘‘and 55’’ after ‘‘section 11’’. 
(20) Section 6425(c)(1)(A) of such Code is 
amended to read as it read before the passage of 
Public Law 115–97. 
(21) Section 6655(e)(2) of such Code is amend-
ed by inserting ‘‘and alternative minimum taxable 
income’’ each place it appeared before the passage of 
Public Law 115–97. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2022. 
Æ 
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