S. 796: Book Minimum Tax Repeal Act
A Senate bill (S.) in the 119th U.S. Congress.
Overview
| Congress | 119th U.S. Congress (2025–2026) |
|---|---|
| Type | Senate bill (S.) |
| Originating chamber | Senate |
| Introduced | 2025-02-27 |
| Sponsor | Sen. Barrasso, John [R-WY] |
| Policy area | Taxation |
| Cosponsors | 8 |
| Latest action | 2025-02-27 — Read twice and referred to the Committee on Finance. (text: CR S1431) |
| Last updated | 2026-05-20 |
Summary
Official summary (Introduced in Senate, 2025-02-27):
Book Minimum Tax Repeal Act
This bill repeals the corporate alternative minimum tax (CAMT) and makes related modifications to the general business tax credit.
Under current law, a 15% CAMT is imposed on a corporation with adjusted financial statement income (also known as book income) exceeding an average of $1 billion for a consecutive three-year period (or an average of $100 million for a U.S. corporation that is part of a foreign parent multinational group if the adjusted financial statement income of such group exceeds an average of $1 billion for a consecutive three-year period). Adjusted financial statement income generally is the net income or loss reported on the corporation’s applicable financial statement for a tax year, with adjustments for specific items.
The bill repeals the CAMT and modifies a related limit on the amount of general business tax credits allowed for a corporation.
Cosponsors (8)
| Name | Party / state |
|---|---|
| Mike Crapo | R ID (original cosponsor) 2025-02-27 |
| James Lankford | R OK (original cosponsor) 2025-02-27 |
| Bill Cassidy | R LA (original cosponsor) 2025-02-27 |
| Steve Daines | R MT (original cosponsor) 2025-02-27 |
| Marsha Blackburn | R TN (original cosponsor) 2025-02-27 |
| Pete Ricketts | R NE (original cosponsor) 2025-02-27 |
| James E. Risch | R ID (original cosponsor) 2025-02-27 |
| Cynthia M. Lummis | R WY (original cosponsor) 2025-02-27 |
Full text & official record
The official bill text, section-by-section summary, amendments, committee reports, and the complete legislative timeline for S. 796 are published by Congress on congress.gov.
Frequently asked questions
What is S. 796?
S. 796 is a Senate bill (S.) introduced in the 119th U.S. Congress, originating in the Senate. Official title: Book Minimum Tax Repeal Act.
Where can I read the full bill text?
The full text, cosponsors, amendments, and legislative status for S. 796 are available on congress.gov.
Bill data: congress.gov API (official congressional records).