U.S. Department of the Treasury Releases Proposed Rules for Corporate Alternative Minimum Tax to Address Significant Corporate Tax Avoidance By Companies with $1 Billion Or More In Annual Profit

*Minimum tax estimated to generate more than $250 billion from the most profitable companies over next 10 years and $20 billion in 2025; 60% of corporations that pay the tax would otherwise have an effective federal tax rate of 1% or less. *WASHINGTON – Today the U.S. Department of the Treasury (Treasury) and Internal Revenue Service (IRS) issued a Notice of Proposed Rulemaking(NPRM) to increase tax fairness and address significant corporate tax avoidance by some of the largest and most profitable U.S. corporations by implementing the Inflation Reduction Act’s Corporate Alternative Minimum Tax (CAMT). CAMT is a key plank of President Biden and Vice President Harris’s agenda to make the biggest corporations and wealthiest pay their fair share, while cutting taxes for working Americans and middle-class families and supporting small businesses and entrepreneurs.Treasury estimates that around 100 of the