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US companies push to repeal AMT - WSJ

According to the latest story published by the Wall Street Journal (WSJ), the US technology, banking and other industries mounted a new round of lobbying Monday to save a wide range of tax breaks, following the Senate’s decision to keep a corporate alternative minimum tax, or AMT, in a last-minute switch to keep the tax overhaul alive.

Key Quotes:     

“The corporate AMT is a parallel system with low rates and fewer breaks that kicks in if a variety of tax breaks bring a firm's regular tax bill too low. Currently, the corporate AMT of 20% rarely applies, since most corporations face a higher 35% tax rate and benefit from breaks eligible under both systems.

With a proposed 20% corporate rate, many companies could end up in the AMT-and lose some of their tax breaks in the process.

Among S&P500 companies reporting $3.1 billion in tax benefits from the credit in 2016, 85% went to 20 corporations, mostly in the tech, pharmaceutical, and defense sectors - citing Calcbench as its source.”

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