Sec. 15004. Repeal of modifications to the base erosion and anti-abuse tax
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/bill/115/s/1/pcs/section-15004·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 59A(b), as added by section 14401, is amended to read as follows: For purposes of this section, the term base erosion minimum tax amount means, with respect to any applicable taxpayer for any taxable year, the excess (if any) of— an amount equal to 10 percent of the modified taxable income of such taxpayer for the taxable year, over an amount equal to the regular tax liability (as defined in section 26(b)) of the taxpayer for the taxable year, reduced (but not below zero) by the excess (if any) of— the credits allowed under this chapter against such regular tax liability, over the credit allowed under section 38 for the taxable year which is properly allocable to the research credit determined under section 41(a). .