U.S. IRS and Treasury Extend Comment Period for Proposed Regulations Providing Guidance on Corporate Alternative Minimum Tax

The U.S. IRS and Department of the Treasury have issued a notice extending the comment period for the proposed regulations providing guidance on the Corporate Alternative Minimum Tax (CAMT), which were published in the Federal Register on 13 September 2024. As previously reported, the Inflation Reduction Act created the CAMT, which imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of large corporations for taxable years beginning after 31 December 2022. The CAMT ge…