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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.