US Senators Elizabeth Warren (D-Mass.), Angus King (I-Maine), Michael Bennett (D-Colo.), and US Representative Don Beyer (D-Va.) have called on Treasury Secretary Janet Yellen to fully implement the 15 percent corporate alternative minimum tax (CAMT).
The tax was signed into law by President Joe Biden two years ago.
In their July 2 letter to Treasury Secretary Janet Yellen, the lawmakers said that despite having previously indicated that rules would be released in early 2024, the US Treasury has not finalized key rules that would address complexities and pre-emptively stop corporate attempts to avoid paying their fair share of tax.
To date, only preliminary guidance has been issued on how to calculate a corporation’s adjusted financial statement income (AFSI), a key factor in determining a company’s final tax bill, they said.
“We appreciate your thoughtful work to implement this historic corporate tax legislation. We urge you to quickly finalize strong rules to implement the corporate minimum tax to ensure that the largest corporations begin to pay their fair share,” the lawmakers said.