On March 20, TEI submitted a letter to the Internal Revenue Service commenting on Notice 2023-7, which provides initial guidance on the new corporate alternative minimum tax (CAMT) imposed by the Inflation Reduction Act of 2022. TEI’s recommendations included the need for transition rules and penalty relief and adjustments to the determination of adjusted financial statement income (AFSI), among other things. TEI’s comments were prepared under the aegis of the Institute’s Tax Reform Task Force, chaired by Jason Weinstein. TEI’s comments were coordinated by Benjamin Shreck of the Institute’s legal staff. Read the letter here.
