On December 8, 2017, TEI submitted comments to the Chairmen and Ranking Members of the congressional tax-writing committees regarding the Senate’s last-minute decision to retain the corporate alternative minimum tax (“AMT”) under its version of H.R. 1, the Tax Cuts and Jobs Act. The Senate’s tax reform bill, as passed by the upper chamber on December 2, would retain the corporate AMT without making any change to current law. Our comments emphasized that retaining the corporate AMT under the Tax Cuts and Jobs Act would materially undermine some of its signature pro-growth policies, such as the retention of the research tax credit and the establishment of a participation exemption system for the taxation of foreign income. Accordingly, we called upon members of the House-Senate conference committee to repeal the corporate AMT.
TEI’s comments were prepared under the aegis of the Institute’s Tax Reform Task Force. Watson M. McLeish, Tax Counsel for the Institute, coordinated the preparation of TEI’s comments.