US SB796

Repeals the 15% corporate alternative minimum tax (CAMT) on corporations with average annual adjusted financial statement income exceeding $1 billion, which was enacted under the Inflation Reduction Act of 2022

Amends Section 55 of the Internal Revenue Code to apply the alternative minimum tax only to individual taxpayers, not corporations

Retains the individual AMT with rates of 26% on taxable excess up to $175,000 and 28% on amounts exceeding $175,000

Treats corporations as having a tentative minimum tax of zero for purposes of the general business credit

Applies to taxable years beginning after December 31, 2024