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Corporate Alternative Minimum Tax (AMT)

A special tax rule for very large corporations (those with over $1 billion in profits) that requires them to pay a minimum 15% tax on their financial statement income, regardless of other tax deductions or credits. They pay this if it's higher than their regular tax bill.

Internal Revenue Code of 1986

The main body of federal tax law in the United States, which includes all the rules and regulations governing federal taxation.

Taxable Year

The annual accounting period used for keeping records and reporting income and expenses for tax purposes. For most individuals, it's the calendar year, but businesses may use a fiscal year.

Conforming Amendments

Changes made to other parts of a law to make them consistent with a new change. In this case, removing references to the corporate alternative minimum tax in various tax code sections.

Tentative Minimum Tax

A preliminary calculation of the alternative minimum tax liability, which is then compared to the regular tax liability to determine which amount is owed.

Adjusted Financial Statement Income

A specific measure of income used for the corporate alternative minimum tax, based on the income a company reports on its financial statements to investors, with certain modifications.