Treasury Releases Proposed Rule Requiring US Corporations to Pay Higher Minimum Tax

About 100 large corporations would be affected by the tax, according to the Treasury.

Treasury Secretary Janet Yellen attends a press conference at the U.S. ambassador's residence in Beijing on April 8, 2024. Pedro Pardo/AFP via Getty Images

Treasury Department and IRS officials released new draft rules on Sept. 12 that could raise taxes on profits generated by “around 100” of the largest corporations.

The Corporate Alternative Minimum Tax (CAMT), signed into law as part of the Inflation Reduction Act, would require companies to pay at least 15 percent of adjusted financial statement income (AFSI) for taxable years beginning after Dec. 31, 2022.