Repealing the Ill-Conceived and Problematic (RIP) Book Minimum Tax Act

Bill: 117-s-5017
Sponsor: full_name: Sen. Barrasso, John [R-WY]
Introduced: 2022-09-29
Policy area: Taxation
Latest action: action_date: 2022-09-29
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2022-09-29
action_desc: Introduced in Senate
text: <p><strong>Repealing the Ill-Conceived and Problematic (RIP) Book Minimum Tax Act</strong></p> <p>This bill repeals the 15% alternative minimum tax on corporations enacted by the Inflation Reduction Act of 2022.</p>

tv_txt: II 117th CONGRESS 2d Session S. 5017 IN THE SENATE OF THE UNITED STATES September 29, 2022 Mr. Barrasso (for himself, Mrs. Blackburn , Mr. Boozman , Mr. Braun , Mr. Cassidy , Mr. Crapo , Mr. Lankford , Ms. Lummis , Mr. Portman , Mr. Risch , Mr. Toomey , Mr. Young , Mr. Wicker , and Mr. Hoeven ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To repeal the corporate alternative minimum tax.

1. Short title This Act may be cited as the Repealing the Ill-Conceived and Problematic (RIP) Book Minimum Tax Act . 2. Repeal of corporate alternative minimum tax (a) In general Sections 10101 and 13904(a) of Public Law 117–169 are repealed. (b) Applicability The Internal Revenue Code of 1986 shall be applied and administered as if such sections (and the amendments made by such sections) had not been enacted.