,,ii  #aaith ,,congress  #ast ,session  
,s4 #gif  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,february #bg1      
#bjbe,mr4 ,barrasso 7for himself1 ,mr4  
,crapo1 ,mr4 ,lankford1 ,mr4 ,cassidy1  
,mr4 ,daines1 ,mrs4 ,blackburn1 ,mr4    
,ricketts1 ,mr4 ,risch1 and ,ms4        
,lummis7 introduced the following bill2 
which was read twice and referred to the
 ,committee on ,finance  ,a ,,bill  ,to 
amend the ,internal ,revenue ,code of   
#aihf to repeal the corporate           
alternative minimum tax4  #a4 ,short    
title ,this ,act may be cited as the    
,book ,minimum ,tax ,repeal ,act4  #b4  
,repeal of corporate alternative minimum
 tax  7a7 ,in general ,section #ee of   
the ,internal ,revenue ,code of #aihf is
 amended-- 7#a7 in subsection 7a7-- 7,a7
 by striking ,there and inserting ,in   
the case of a taxpayer other than a     
corporation1 there1 and  7,b7 by        
striking plus1 in the case of an        
applicable corporation1 the tax imposed 
by section #ei;,a in paragraph 7#b71 and

  7#b7 by striking subsection 7b7 and   
inserting the following3  7b7 ,tentative
 minimum tax  7#a7 ,amount of tentative 
minimum tax  7,a7 ,in general ,the      
tentative minimum tax for the taxable   
year is the sum of-- 7i7 #bf percent of 
so much of the taxable excess as does   
not exceed #age1jjj1 plus  7ii7 #bh     
percent of so much of the taxable excess
 as exceeds #age1jjj4  ,the amount      
determined under the preceding sentence 
shall be reduced by the alternative     
minimum tax foreign tax credit for the  
taxable year4  7,b7 ,taxable excess ,for
 purposes of this subsection1 the term  
taxable excess means so much of the     
alternative minimum taxable income for  
the taxable year as exceeds the         
exemption amount4  7,c7 ,married        
individual filing separate return ,in   
the case of a married individual filing 
a separate return1 subparagraph 7,a7    
shall be applied by substituting #ej    
percent of the dollar amount otherwise  
applicable under clause 7i7 and clause  

7ii7 thereof4 ,for purposes of the      
preceding sentence1 marital status shall
 be determined under section #ggjc4     
7#b7 ,alternative minimum taxable income
 ,the term alternative minimum taxable  
income means the taxable income of the  
taxpayer for the taxable year-- 7,a7    
determined with the adjustments provided
 in section #ef and section #eh1 and    
7,b7 increased by the amount of the     
items of tax preference described in    
section #eg4  ,if a taxpayer is subject 
to the regular tax1 such taxpayer shall 
be subject to the tax imposed by this   
section 7and1 if the regular tax is     
determined by reference to an amount    
other than taxable income1 such amount  
shall be treated as the taxable income  
of such taxpayer for purposes of the    
preceding sentence74  4  7b7            
,application to general business credit 
,section #ch7;c77#f77;,e7 of the        
,internal ,revenue ,code of #aihf is    
amended to read as follows3  7,e7       
,corporations ,in the case of a         

corporation1 this subsection shall be   
applied by treating the corporation as  
having a tentative minimum tax of zero4 
4  7c7 ,conforming amendments  7#a7     
,section #aa7;d7 of the ,internal       
,revenue ,code of #aihf is amended by   
striking the taxes imposed by subsection
 7a7 and section #ee and inserting the  
tax imposed by subsection 7a74  7#b7    
,section #ab of such ,code is amended by
 striking paragraph 7#e74  7#c7 ,section
 #ec of such ,code is amended by        
striking subsection 7e74  7#d7 ,part    
,,vi of subchapter ,a of chapter #a of  
such ,code is amended by striking       
section #ef;,a 7and the item related to 
such section in the table of sections   
for such part74  7#e7 ,section #ei of   
such ,code is amended by striking       
subsections 7k7 and 7l74  7#f7 ,section 
#hfj;,e7a77#d7 of such ,code is amended 
by striking section #ee7;b77#a77;,d7 and
 inserting section #ee7;b77#b74  7#g7   
,section #hhb7;a77#a7 of such ,code is  
amended by 1 #ee14  7#h7 ,section       

#hig7;a77#b77;,a77i7 of such ,code is   
amended by striking section             
#ee7;b77#a77;,d7 and inserting section  
#ee7;b77#b74  7#i7 ,section             
#fdbe7;c77#a77;,a7 of such ,code is     
amended by striking clause 7ii7 and by  
redesignating clause 7iii7 as clause    
7ii74  7#aj7 ,section #ffee7;e77#b7 of  
such ,code is amended by striking 1     
adjusted financial statement income 7as 
defined in section #ef;,a7 each place it
 appears in subparagraphs 7,a77i7 and   
7,b77i74  7#aa7 ,section                
#ffee7;g77#a77;,a7 of such ,code is     
amended by striking clause 7ii7 and by  
redesignating clauses 7iii7 and 7iv7 as 
clauses 7ii7 and 7iii71 respectively4   
7d7 ,effective date ,the amendments made
 by this section shall apply to taxable 
years beginning after ,december #ca1    
#bjbd4