Treasury Official Highlights Top Concern in Book Minimum Tax Guidance

A Treasury official highlighted comments the department received about the “overlay” of the tax depreciation rules and accounting rules in the tax-and-climate law’s corporate alternative minimum tax.

The corporate alternative minimum tax, or CAMT, levies a 15% tax on companies with a three-year average financial statement income of over $1 billion. The Treasury and IRS released initial CAMT guidance in December, Notice 2023-7.

Tom West, deputy assistance secretary of tax policy at Treasury, explained Friday at the Federal Bar Association’s Tax Conference that the department felt that it had a “good steer” from Congress on the treatment of mergers ...