US SB1243

Imposes a 30% minimum tax on adjusted gross income for taxpayers earning over $1,000,000 annually ($500,000 for married filing separately), phased in gradually above the threshold

Allows a deduction for charitable contributions when calculating the tentative fair share tax, but only for taxpayers who itemize deductions

Applies to taxable years beginning after December 31, 2024, and includes inflation adjustments to the $1,000,000 threshold for years after 2025

Excludes corporations from the tax; applies to individuals, estates, and trusts with calculations accounting for regular income tax, alternative minimum tax, and payroll taxes already paid

Includes a Sense of the Senate provision framing the bill as an interim step toward broader tax reform that would reduce the deficit by billions annually