U.S. President Joe Biden signed the Inflation Reduction Act of 2022 (Bill H.R. 5376) into law on 16 August 2022. The main tax provisions of the Act include:
The key measure is the new 15% corporate alternative minimum tax on corporations based on financial income. The main points of the tax are summarized as follows based on the latest report on the Inflation Reduction Act as published by the U.S. Congressional Research Services (CRS):
The new alternative minimum tax applies to taxable years beginning after 31 December 2022.