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US Book Tax Will Add Complexity for Companies, Tax Pros Say

Aug. 9, 2022, 8:45 AM

The corporate minimum income tax passed by the Senate has prompted questions from tax professionals on implementation and raised concerns about how it will impact financial accounting rulemaking.

The tax and energy bill passed Sunday includes a 15% corporate minimum income tax on companies with at least $1 billion in profits.

This book tax, a levy based on results reported on companies’ financial statements, is expected to generate $313 billion to help with the deficit reduction and energy investment as originally drafted, according to the Joint Committee on Taxation.

The levy adds a layer of complexity and uncertainty in certain ...