Comments on the proposed regulations are still being accepted until January 16, 2025.
The U.S. Treasury Department and IRS today released technical corrections to proposed regulations relating to the corporate alternative minimum tax (CAMT), which were published in the Federal Register on September 13, 2024. Read TaxNewsFlash
The technical corrections correct various errors and misstatements in the proposed regulations, including:
The technical corrections are notable for what changes were not made, including a number of changes taxpayers have been hoping for. Notably, no changes were made to either the definition of section 168 property to include construction in progress (CIP) property, or to the proposed applicability and reliance dates.
The Treasury Department and IRS are still accepting comments on the proposed regulations, having previously extended the deadline from December 12, 2024, to January 16, 2025. Read TaxNewsFlash