§ 53. Credit for prior year minimum tax liability
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/usc/title-26/section-53A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Allowance of credit There shall be allowed as a credit against the tax imposed by this chapter for any taxable year an amount equal to the minimum tax credit for such taxable year.
(b)Minimum tax credit For purposes of subsection (a), the minimum tax credit for any taxable year is the excess (if any) of—
(1)the adjusted net minimum tax imposed for all prior taxable years beginning after 1986, over
(2)the amount allowable as a credit under subsection
(a)for such prior taxable years.
(c)Limitation The credit allowable under subsection
(a)for any taxable year shall not exceed the excess (if any) of—
(1)the regular tax liability of the taxpayer for such taxable year reduced by the sum of the credits allowable under subparts A, B, D, E, and F of this part, over
(2)the tentative minimum tax for the taxable year.
(d)Definitions For purposes of this section—
(1)Net minimum tax
(A)In general The term “net minimum tax” means the tax imposed by section 55.
(B)Credit not allowed for exclusion preferences
(i)Adjusted net minimum tax The adjusted net minimum tax for any taxable year is—
(I)the amount of the net minimum tax for such taxable year, reduced by
(II)the amount which would be the net minimum tax for such taxable year if the only adjustments and items of tax preference taken into account were those specified in clause (ii).
(ii)Specified items The following are specified in this clause—
(I)the adjustments provided for in subsection (b)(1) of section 56, and
(II)the items of tax preference described in paragraphs (1), (5), and
(7)of section 57(a).
(iii)Credit allowable for exclusion preferences of corporations In the case of a corporation—
(I)the preceding provisions of this subparagraph shall not apply, and
(II)the adjusted net minimum tax for any taxable year is the amount of the net minimum tax for such year.
(2)Tentative minimum tax The term “tentative minimum tax” has the meaning given to such term by section 55(b).
(e)Application to applicable corporations In the case of a corporation—
(1)subsection (b)(1) shall be applied by substituting “the net minimum tax for all prior taxable years beginning after 2022” for “the adjusted net minimum tax imposed for all prior taxable years beginning after 1986”, and
(2)the amount determined under subsection (c)(1) shall be increased by the amount of tax imposed under section 59A for the taxable year.
(Added Pub. L. 99–514, title VII, § 701(b), Oct. 22, 1986, 100 Stat. 2339; amended Pub. L. 100–647, title I, § 1007(g)(4), title VI, § 6304(a), Nov. 10, 1988, 102 Stat. 3435, 3756; Pub. L. 101–239, title VII, §§ 7612(a)(1), (2), (b)(1), 7811(d)(2), Dec. 19, 1989, 103 Stat. 2373, 2374, 2408; Pub. L. 102–486, title XIX, § 1913(b)(2)(C), Oct. 24, 1992, 106 Stat. 3020; Pub. L. 103–66, title XIII, §§ 13113(b)(2), 13171(c), Aug. 10, 1993, 107 Stat. 429, 455; Pub. L. 104–188, title I, §§ 1205(d)(5), 1704(j)(1), Aug. 20, 1996, 110 Stat. 1776, 1881;
Pub. L. 108–357, title IV, § 421(a)(2), Oct. 22, 2004, 118 Stat. 1514; Pub. L. 109–58, title XIII, § 1322(a)(3)(G), Aug. 8, 2005, 119 Stat. 1012; Pub. L. 109–432, div. A, title IV, § 402(a), Dec. 20, 2006, 120 Stat. 2953; Pub. L. 110–172, § 2(a), Dec. 29, 2007, 121 Stat. 2473; Pub. L. 110–343, div. C, title I, § 103(a), (b), Oct. 3, 2008, 122 Stat. 3863; Pub. L. 111–5, div. B, title I, § 1142(b)(4), Feb. 17, 2009, 123 Stat. 331; Pub. L. 113–295, div. A, title II, § 221(a)(8)(A)(i), Dec. 19, 2014, 128 Stat. 4038;
Pub. L. 115–97, title I, §§ 12001(b)(2), 12002(a), (b), Dec. 22, 2017, 131 Stat. 2092, 2094; Pub. L. 116–136, div. A, title II, § 2305(a), (b), Mar. 27, 2020, 134 Stat. 357; Pub. L. 117–169, title I, § 10101(e), Aug. 16, 2022, 136 Stat. 1828.)
Connections62 cite this · traces to 15
Cited by 62 sections · top 46
public-private-law
U.S. Code
- § 62Adjusted gross income defined
- § 168Accelerated cost recovery system
- § 56Adjustments in computing alternative minimum taxable income
- § 172Net operating loss deduction
- § 871Tax on nonresident alien individuals
- § 55Alternative minimum tax imposed
- § 6652Failure to file certain information returns, registration statements, etc.
- § 1324Refund of internal revenue collections
- § 1016Adjustments to basis
- § 6211Definition of a deficiency
- § 643Definitions applicable to subparts A, B, C, and D
- § 1202Partial exclusion for gain from certain small business stock
- § 57Items of tax preference
- § 59Other definitions and special rules
- § 642Special rules for credits and deductions
- § 1374Tax imposed on certain built-in gains
- § 691Recipients of income in respect of decedents
statutes-at-large
- Public Law 186
- Public Law 144
- Public Law 415
- Public Law 97–448To make technical corrections in the Economic Recovery Tax Act of 1981 and certain other recent tax legislation
- Public Law 403
- Public Law 308
- Public Law 96–222To make technical corrections related to the Revenue Act of 1978
- Public Law 116–136To amend the Internal Revenue Code of 1986 to repeal the excise tax on high cost employer-sponsored health coverage
- Public Law 108–357To amend the Internal Revenue Code of 1986 to remove impediments in such Code and make our manufacturing, service, and high-technology businesses and workers more competitive and productive both at Oct. 22, 2004[[H
- Public Law 186
- Public Law 100–647To make technical corrections relating to the Tax Reform Act of 1986, and for other purposes
- Public Law 98–369To provide for tax reform, and for deficit reduction
- Public Law 96–223To impose a windfall profit tax on domestic crude oil, and for other purposes
- Public Law 97–34To amend the Internal Revenue Code of 1954 to encourage economic growth through reduction of the tax rates for individual taxpayers, acceleration of capital cost recovery of investment in plant, equipment, and real property, and incentives for savings, and for other purposes
- Public Law 101–239To provide for reconciliation pursuant to section 5 of the concurrent resolution on the budget for the fiscal year 1990
- Public Law 95–600To amend the Internal Revenue Code of 1954 to reduce income taxes, and for other purposes
- Public Law 97–354To revise subchapter S of the Internal Revenue Code of 1954 (relating to small business corporations)
- Public Law 110–172To amend the Internal Revenue Code of 1986 to make technical corrections, and for other purposes
- Public Law 95–30To reduce individual and business income taxes and to provide tax simplification and reform
- Public Law 109–432To amend the Internal Revenue Code of 1986 to extend expiring provisions, and for other purposes
- Public Law 97–248To provide for tax equity and fiscal responsibility, and for other purposes
- Public Law 110–343To provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives
- Public Law 115–97To provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018
- Public Law 104–188To provide tax relief for small businesses, to protect jobs, to create opportunities, to increase the take home pay of workers, to amend the Portal-to-Portal Act of 1947 relating to the payment of wages to employees who use employer owned vehicles, and to amend the Fair Labor Standards Act of 1938 t
Traces to 15 documents
public-private-law
- Tax Increase Prevention Act of 2014Public Law 113-295
- To provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018.DecPublic Law 115-97
- Coronavirus Aid, Relief, and Economic Security ActPublic Law 116-136
- To provide for reconciliation pursuant to title II of SPublic Law 117-169
U.S. Code
- Tax imposed§ 1
- Tax imposed§ 11
- Tax imposed on certain built-in gains§ 1374
- Child tax credit§ 24
- Definition of a deficiency§ 6211
- Refund of internal revenue collections§ 1324
- Credit for producing fuel from a nonconventional source§ 45K
- Other definitions and special rules§ 59
- Partial exclusion for gain from certain small business stock§ 1202
- Alternative minimum tax imposed§ 55
- Income from sources within the United States§ 861
105 references not yet in our index
- Pub. L. 99–514, title VII, § 701(b)
- 100 Stat. 2339
- Pub. L. 100–647, title I, § 1007(g)(4)
- 102 Stat. 3435
- Pub. L. 101–239, title VII
- 103 Stat. 2373
- Pub. L. 102–486, title XIX, § 1913(b)(2)(C)
- 106 Stat. 3020
- Pub. L. 103–66, title XIII
- 107 Stat. 429
- Pub. L. 104–188, title I
- 110 Stat. 1776
- Pub. L. 108–357, title IV, § 421(a)(2)
- 118 Stat. 1514
- Pub. L. 109–58, title XIII, § 1322(a)(3)(G)
- 119 Stat. 1012
- Pub. L. 109–432, div. A, title IV, § 402(a)
- 120 Stat. 2953
- Pub. L. 110–172, § 2(a)
- 121 Stat. 2473
- Pub. L. 110–343, div. C, title I, § 103(a)
- 122 Stat. 3863
- Pub. L. 111–5, div. B, title I, § 1142(b)(4)
- 123 Stat. 331
- 128 Stat. 4038
- 131 Stat. 2092
- 134 Stat. 357
- 136 Stat. 1828
- Pub. L. 95–30, title II, § 202(b)
- 91 Stat. 146
- Pub. L. 95–600, title III, § 321(c)(2)
- 92 Stat. 2835
- Pub. L. 97–34, title II, § 207(c)(2)
- 95 Stat. 225
- Pub. L. 97–248, title II, § 201(d)(8)(A)
- 96 Stat. 420
- Pub. L. 97–448, title III, § 306(a)(1)(A)(i)
- 96 Stat. 2400
- 96 Stat. 1693
- 96 Stat. 2370
+ 65 more
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§ 53
Credit for prior year minimum tax liability
Stat.×34
U.S.C.×19
Pub. L.×4
Stat. Comp.×3
C.F.R.×1
Fed. Reg.×1
Pub. L.Pub. L. 99–514, title VII, § 701(b)
Stat.100 Stat. 2339
Pub. L.Pub. L. 100–647, title I, § 1007(g)(4)
Cites 120 · showing 12Cited by 62 across 6 sources