Episode 09-2022 | The corporate AMT (CAMT) is the signature tax revenue raiser in the Inflation Reduction Act, soon to be enacted into law upon President Biden’s signature. The CAMT, a sweeping new minimum tax, will go into effect next year, subjecting certain large taxpayers to a 15 percent minimum tax based generally on their financial statement income.
In this episode, we discuss how the Democrats pulled off the Inflation Reduction Act, as well as some early observations regarding the potential application of the CAMT provision. What is the profile of taxpayers likeliest to be impacted by CAMT? What compliance challenges might taxpayers face? What are the similarities and differences between CAMT and Pillar 2? And how might CAMT interact with Pillar 2?
Our host, Gary Scanlon, interviews Jennifer Gray from the KPMG Washington Natonal Tax (WNT) Federal Legislative & Regulatory Services group to get an overview of the legislative process, Doug Poms and Jonathan Galin from WNT's International Tax group for early insights to CAMT, and Marcus Heyland from WNT's Economic & Valuation Services group for global tax policy observations on how CAMT fits alongside the broader global tax reform developments.