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Proposed Senate Legislation Would Impose Corporate Minimum, Excise Taxes; Increase Funding for IRS

On August 7, 2022, the Senate passed the Inflation Reduction Act of 2022 (the “Act”) that, among other provisions:

i. Establishes a new 15% corporate alternative minimum tax for certain large corporations based on adjusted financial statement income,

ii. Establishes an excise tax on public company corporate stock buybacks, and

iii. Increases IRS funding.

In contrast, the Act does not include the proposal included in the original bill to expand the special holding period rules applicable to carried interest, which was discussed in our previous Alert.

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New IRS Requirements for Electronic Furnishing of Schedules K-1

Practices: Tax, Hedge Funds, Private Equity, Private Funds

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