Congress moves to erase corporate minimum tax, cutting federal revenue
S. 796 — Book Minimum Tax Repeal Act · Filed by John Barrasso (R-WY) · 8 cosponsors · Introduced Feb 27, 2025 · Referred to committee
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What it does
This bill repeals the corporate alternative minimum tax (CAMT), a 15% tax enacted in 2022 that required large corporations to pay a minimum tax on their book income (accounting profits) regardless of tax deductions. The repeal would eliminate this requirement, allowing corporations to reduce their tax bills through existing deductions and credits, with the change effective for tax years beginning after December 31, 2024.
Why we flagged it
The bill's sole function is to eliminate a corporate minimum tax enacted in 2022, directly reducing tax obligations for large corporations. This is a straightforward, if narrow, tax cut for a specific class of taxpayer.
What the text implies
- Repealing CAMT may incentivize aggressive tax-avoidance strategies by corporations, as the floor preventing extreme deduction stacking is removed.
- The change is retroactively effective to January 1, 2025, potentially allowing corporations to claim refunds for taxes already paid under CAMT in early 2025.
- Elimination of CAMT reduces the tax base for large corporations, potentially increasing pressure to raise individual income taxes or cut public services to maintain federal revenue.
- The repeal removes a key revenue source from the 2022 Inflation Reduction Act's funding mechanism, potentially undermining the fiscal sustainability of that law's provisions.
Who it affects
Repealing the CAMT reduces federal tax revenue from large corporations, shifting the tax burden toward individual taxpayers and reducing funding for public services. The primary beneficiaries are corporations with high book income but low taxable income due to deductions, not ordinary citizens.
Who stands to gain
- large corporations with high book income but low taxable income
- corporations with significant deductions and tax credits
- multinational corporations using transfer pricing and other strategies
Named in the bill
Internal Revenue Code Section 55, Section 56 (AMT adjustments), Section 57 (tax preference items), Section 38 (general business credit), Section 56A (adjusted financial statement income), IRS, U.S. Treasury
Where it stands
8 cosponsors: 8 Republicans.
- Feb 27, 2025 — Introduced · Congress.gov: “Introduced in Senate”
- Feb 27, 2025 — Referred to Senate Committee on Finance · Congress.gov: “Read twice and referred to the Committee on Finance. (text: CR S1431)”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Money around this bill
4 lobbying clients named this bill on 8 disclosure filings across 3 quarters, Dec 2025 to Jun 2026. Those filings disclosed $61,125,758 in lobbying spend. A filing names 143 bills on average, so that figure is what each filing reported, not a share belonging to this bill.
More lobbying clients named this bill than 72% of bills with at least one filing.
John Barrasso, the sponsor, reported $408,500 in PAC receipts in the 2026 cycle.
- Chamber of Commerce of the U.S.A. — $54,660,000 on 3 filings
- American Property Casualty Insurance Association — $3,540,000 on 2 filings
- American Petroleum Institute — $1,920,000 on 1 filing
- National Association of Mutual Insurance Companies — $1,005,758 on 2 filings
Lobbying Disclosure Act filings through Jul 22, 2026. A filing shows who paid to lobby on a bill it names, not what changed.
How this was measured
Analysis — Quorum's AI read the full bill text on Jul 2, 2026; transparency and hidden-provision scores are compared against the median of 16,222 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
Money — Senate Lobbying Disclosure Act filings whose specific-issue field names this bill for quarters ending Dec 2025 to Jun 2026. A filing's amount is reported whole beside the median number of bills a filing names; it is never divided across them. PAC receipts are FEC-reported contributions to the sponsor's candidate committee in the 2026 cycle.
As of — lobbying records through Jul 22, 2026 · page rendered 2026-10-20.
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