Repealing the Ill-Conceived and Problematic (RIP) Book Minimum Tax Act

Hozzl · 2022-12-29T12:33:44Z

Explore the details of House Bill 9030 Repealing the Ill-Conceived and Problematic (RIP) Book Minimum Tax Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/29/2022, 12:33 PM

Summary of Bill HR 9030

Bill 117 HR 9030, also known as the Repealing the Ill-Conceived and Problematic (RIP) Book Minimum Tax Act, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to repeal the Book Minimum Tax, which was originally implemented as part of the Tax Cuts and Jobs Act of 2017.

The Book Minimum Tax was designed to ensure that corporations pay a minimum level of tax on their book income, which is the income reported on their financial statements. However, critics of the tax argue that it is overly complex and burdensome for businesses to comply with, leading to unintended consequences such as discouraging investment and job creation.

If passed, the RIP Book Minimum Tax Act would eliminate the Book Minimum Tax requirement, providing relief to businesses and simplifying the tax code. Supporters of the bill believe that this change would promote economic growth and make the tax system more fair and efficient. The bill is currently in the early stages of the legislative process, with hearings and debates expected to take place before a final vote is held. It is important for lawmakers and the public to carefully consider the potential impacts of repealing the Book Minimum Tax before making a decision on this legislation.

Congressional Summary of HR 9030

Repealing the Ill-Conceived and Problematic (RIP) Book Minimum Tax Act

This bill repeals the 15% alternative minimum tax on corporations enacted by the Inflation Reduction Act of 2022.

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Current Status of Bill HR 9030

Bill HR 9030 is currently in the status of Bill Introduced since September 29, 2022. Bill HR 9030 was introduced during Congress 117 and was introduced to the House on September 29, 2022. Bill HR 9030's most recent activity was Referred to the House Committee on Ways and Means. as of September 29, 2022

Bipartisan Support of Bill HR 9030

Total Number of Sponsors

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Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 9030

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 9030

Repealing the Ill-Conceived and Problematic (RIP) Book Minimum Tax ActRepealing the Ill-Conceived and Problematic (RIP) Book Minimum Tax ActTo repeal the corporate alternative minimum tax.

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