A bill to amend the Internal Revenue Code of 1954 to impose an alternative minimum tax on corporations and to expand the items of tax preference for corporations.

Summary

Amends the Internal Revenue Code to revise the corporate alternative minimum tax. Imposes an alternative minimum tax on corporations equal to the excess of: (1) 20 percent of the corporate alternative minimum taxable income which exceeds $100,000; over (2) the regular tax for the taxable year. (Present law imposes an alternative minimum tax on corporations equal to 15 percent of the amount by which the sum of tax preference items exceeds the greater of: (1) $10,000; or (2) the regular tax deduction for the taxable year.) Disallows any tax credits (other than the foreign tax credit) to be taken against the corporate alternative minimum tax. Defines "corporate alternative minimum taxable income" as taxable income: (1) reduced by the alternative net operating loss deduction; and (2) increased by the amount of tax preference items. Provides that all tax preference items shall apply to all corporations. (Present law applies certain tax preference items only to personal holding companies.) Revises the method of calculating specified tax preference items. Includes as tax preference items: (1) tax-exempt interest; (2) exempt foreign trade income; and (3) deposits and withdrawals from capital construction funds.

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1 official file

• Introduced in House

  summary · EN · 4 April 1985

  Open at official source

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