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Book Minimum Tax Repeal Act
12/15/2023, 4:07 PM
Summary of Bill S 1559
Bill 118 s 1559, also known as the Book Minimum Tax Repeal Act, is a piece of legislation introduced in the US Congress. The purpose of this bill is to repeal the book minimum tax, which is a tax provision that requires certain corporations to pay a minimum tax based on their financial statement income.
The bill aims to eliminate this tax provision in order to simplify the tax code and reduce the tax burden on corporations. Supporters of the bill argue that the book minimum tax is unnecessary and creates an additional compliance burden for businesses.
Opponents of the bill, however, argue that repealing the book minimum tax could result in a loss of revenue for the government and could potentially benefit large corporations at the expense of smaller businesses. Overall, the Book Minimum Tax Repeal Act is a controversial piece of legislation that has sparked debate among lawmakers and stakeholders. It remains to be seen whether the bill will ultimately be passed into law.
The bill aims to eliminate this tax provision in order to simplify the tax code and reduce the tax burden on corporations. Supporters of the bill argue that the book minimum tax is unnecessary and creates an additional compliance burden for businesses.
Opponents of the bill, however, argue that repealing the book minimum tax could result in a loss of revenue for the government and could potentially benefit large corporations at the expense of smaller businesses. Overall, the Book Minimum Tax Repeal Act is a controversial piece of legislation that has sparked debate among lawmakers and stakeholders. It remains to be seen whether the bill will ultimately be passed into law.
Congressional Summary of S 1559
Book Minimum Tax Repeal Act
This bill repeals the 15% alternative tax on the financial statement (i.e., book) income of certain corporations. The tax applies to companies that report over $1 billion in profits to their shareholders.
Read the Full Bill
Current Status of Bill S 1559
Bill S 1559 is currently in the status of Bill Introduced since May 11, 2023. Bill S 1559 was introduced during Congress 118 and was introduced to the Senate on May 11, 2023. Bill S 1559's most recent activity was Read twice and referred to the Committee on Finance. as of May 11, 2023
Bipartisan Support of Bill S 1559
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
20Democrat Cosponsors
0Republican Cosponsors
20Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 1559
Primary Policy Focus
TaxationAlternate Title(s) of Bill S 1559
Book Minimum Tax Repeal Act
Book Minimum Tax Repeal Act
A bill to amend the Internal Revenue Code of 1986 to repeal the corporate alternative minimum tax.
Comments
Sponsors and Cosponsors of S 1559
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