Lower Business Tax Rates and Eliminate Corporate AMT
Current Status: In ProgressAs of
As part of the Middle Class Tax Relief And Simplification Act:
"The Trump Plan will lower the business tax rate from 35 percent to 15 percent, and eliminate the corporate alternative minimum tax. This rate is available to all businesses, both small and large, that want to retain the profits within the business."
In late April, 2017, Trump announced a draft tax plan that would cut the corporate tax rate as promised, but does not specifically address corporate AMT.
In October 2017, the House passed a budget resolution (H. Res. 553 , H. Con. Res. 71) that specified "reducing the corporate tax rate," but not mentioning corporate AMT. No specific measures or numbers were given, and the resolution has yet to be reconciled with the Senate tax plan.