CORPORATIONS AND THE AMT
01.Core Concepts
Recent History of the Corporate AMT • Prior to 2018, corporations with av erage gross receipts over $7.5 million were subject to the AMT at a rate of 20%. • The TCJA 2017 repealed the corporate AMT for years after 2017. Inflation Reduction Act of 2022 • Reimposed the corporate AMT (CAMT) at a rate of 15% on the adjusted financial statement income (AFSI) of applicable corporations for tax years beginning after December 31, 2022. • An applicable corporation is generally defined as a corporation with three-year average annual AFSI in excess of $1billion.