Book Minimum Tax Repeal Act

# Book Minimum Tax Repeal Act (S 796) - Summary **What the Bill Does:** This bill would repeal the "book minimum tax" on large corporations that was created as part of the 2021 Biden administration's tax legislation. The book minimum tax is a 15% federal tax applied to large corporations (those with more than $1 billion in annual income) based on the profits they report to shareholders, regardless of how much federal income tax they actually owe. If passed, S 796 would eliminate this tax entirely. **Who It Affects:** The repeal would primarily benefit large corporations with annual revenues exceeding $1 billion.

Opponents argue it would reduce federal tax revenue and shift the tax burden to smaller businesses and individual taxpayers, while supporters contend the tax creates unfair compliance burdens on large corporations and discourages business investment. **Current Status:** As of now, the bill remains in committee and has not advanced further in the legislative process. With a Republican sponsor in the current Congress, the bill reflects ongoing debate about corporate tax policy, though its passage prospects remain uncertain.