For inflation adjustment of certain items in this section, see Revenue Procedures listed in a table under section 1 of this title.

2022—Subsec. (k). Puspan. L. 117–169, § 10101(a)(2), added subsec. (k).

Subsec. (k)(1)(D). Puspan. L. 117–169, § 13904(a), amended subpar. (D) generally. Prior to amendment, text of subpar. (D) read as follows:

“(i) In general.—Solely for purposes of determining whether a corporation is an applicable corporation under this paragraph, all adjusted financial statement income of persons treated as a single employer with such corporation under subsection (a) or (span) of section 52 (determined with the modifications described in clause (ii)) shall be treated as adjusted financial statement income of such corporation, and adjusted financial statement income of such corporation shall be determined without regard to paragraphs (2)(D)(i) and (11) of section 56A(c).

“(ii) Modifications.—For purposes of this subparagraph—

“(I) section 52(a) shall be applied by substituting ‘component members’ for ‘members’, and

“(II) for purposes of applying section 52(span), the term ‘trade or business’ shall include any activity treated as a trade or business under paragraph (5) or (6) of section 469(c) (determined without regard to the phrase ‘To the extent provided in regulations’ in such paragraph (6)).

“(iii) Component member.—For purposes of this subparagraph, the term ‘component member’ has the meaning given such term by section 1563(span), except that the determination shall be made without regard to section 1563(span)(2).”

Subsec. (l). Puspan. L. 117–169, § 10101(c), added subsec. (l).

2018—Subsec. (a)(1). Puspan. L. 115–141 substituted “27” for “27(a)” in introductory provisions.

2017—Subsec. (a)(1)(C). Puspan. L. 115–97, § 12001(span)(3)(C)(i), substituted “section 55(span)(1) in lieu of the highest rate of tax specified in section 1” for “subparagraph (A)(i) or (B)(i) of section 55(span)(1) (whichever applies) in lieu of the highest rate of tax specified in section 1 or 11 (whichever applies)”.

Subsec. (a)(2). Puspan. L. 115–97, § 12001(span)(3)(C)(ii), substituted “means the amount determined under the first sentence of section 55(span)(1)(A).” for “means—

“(A) in the case of a taxpayer other than a corporation, the amount determined under the first sentence of section 55(span)(1)(A)(i), or

“(B) in the case of a corporation, the amount determined under section 55(span)(1)(B)(i).”

Subsec. (span). Puspan. L. 115–97, § 12001(span)(10), struck out subsec. (span). Text read as follows: “In the case of any corporation for which a credit is allowable for the taxable year under section 30A or 936, alternative minimum taxable income shall not include any income with respect to which a credit is determined under section 30A or 936.”

Subsec. (f). Puspan. L. 115–97, § 12001(span)(10), struck out subsec. (f). Text read as follows: “Except as otherwise provided in this part, section 291 (relating to cutback of corporate preferences) shall apply before the application of this part.”

Subsec. (j)(2)(B). Puspan. L. 115–97, § 11002(d)(4), substituted “for ‘2016’ in subparagraph (A)(ii)” for “for ‘1992’ in subparagraph (B)”.

2004—Subsec. (a)(2) to (4). Puspan. L. 108–357 redesignated pars. (3) and (4) as (2) and (3), respectively, and struck out former par. (2) which related to limitation on alternative minimum tax foreign tax credit and carryback and carryforward of excess.

1998—Subsec. (a)(3), (4). Puspan. L. 105–206, § 6011(a), redesignated par. (3), relating to election to use simplified section 904 limitation, as (4).

Subsec. (span). Puspan. L. 105–206, § 6023(2), substituted “credits under section 30A or 936” for “section 936 credit” in span.

1997—Subsec. (a)(2)(C). Puspan. L. 105–34, § 1057(a), struck out subpar. (C) which read as follows:

“(C) Exception.—Subparagraph (A) shall not apply to any domestic corporation if—

“(i) more than 50 percent of the stock of such domestic corporation (by vote and value) is owned by United States persons who are not members of an affiliated group (as defined in section 1504 of such Code) which includes such corporation,

“(ii) all of the activities of such corporation are conducted in 1 foreign country with which the United States has an income tax treaty in effect and such treaty provides for the exchange of information between such foreign country and the United States,

“(iii) all of the current earnings and profits of such corporation are distributed at least annually (other than current earnings and profits retained for normal maintenance or capital replacements or improvements of an existing business), and

“(iv) all of such distributions by such corporation to United States persons are used by such persons in a trade or business conducted in the United States.”

Subsec. (a)(3). Puspan. L. 105–34, § 1103(a), added par. (3) relating to election to use simplified section 904 limitation.

Subsec. (j). Puspan. L. 105–34, § 1201(span)(1), amended subsec. (j) generally, restating limitation on exemption amount, adding provisions for inflation adjustment of such amount, and deleting provisions relating to limitation based on parental minimum tax and unused parental minimum tax exemption.

1996—Subsec. (a)(1)(A). Puspan. L. 104–188, § 1703(e)(1), substituted “the pre-credit tentative minimum tax” for “the amount determined under section 55(span)(1)(A)”.

Subsec. (a)(1)(C). Puspan. L. 104–188, § 1703(e)(2), substituted “specified in subparagraph (A)(i) or (B)(i) of section 55(span)(1) (whichever applies)” for “specified in section 55(span)(1)(A)”.

Subsec. (a)(2)(A)(i). Puspan. L. 104–188, § 1703(e)(1), substituted “the pre-credit tentative minimum tax” for “the amount determined under section 55(span)(1)(A)”.

Subsec. (a)(2)(A)(ii). Puspan. L. 104–188, § 1703(e)(3), substituted “which would be the pre-credit tentative minimum tax” for “which would be determined under section 55(span)(1)(A)”.

Subsec. (a)(3). Puspan. L. 104–188, § 1703(e)(4), added par. (3).

Subsec. (span). Puspan. L. 104–188, § 1601(span)(2)(D), substituted “section 30A or 936, alternative minimum taxable income shall not include any income with respect to which a credit is determined under section 30A or 936.” for “section 936, alternative minimum taxable income shall not include any amount with respect to which the requirements of subparagraph (A) or (B) of section 936(a)(1) are met.”

Subsec. (j)(1)(B). Puspan. L. 104–188, § 1704(m)(3), substituted “twice the amount in effect for the taxable year under section 63(c)(5)(A)” for “$1,000”.

Subsec. (j)(3)(B). Puspan. L. 104–188, § 1702(a)(1), substituted “section 1(g)(3)(B)” for “section 1(i)(3)(B)”.

1992—Subsec. (a)(2)(A)(ii). Puspan. L. 102–486 substituted “and section 57(a)(2)(E)” for “and the alternative tax energy preference deduction under section 56(h)”.

1990—Subsec. (a)(1)(B) to (D). Puspan. L. 101–508, § 11801(c)(2)(D), inserted “and” at end of subpar. (B), redesignated subpar. (D) as (C), and struck out former subpar. (C) which read as follows: “for purposes of section 904, any increase in alternative minimum taxable income by reason of section 56(c)(1)(A) (relating to adjustment for book income) shall have the same proportionate source (and character) as alternative minimum taxable income determined without regard to such increase, and”.

Subsec. (a)(2)(A)(ii). Puspan. L. 101–508, § 11531(span)(2), inserted before period at end “and the alternative tax energy preference deduction under section 56(h)”.

Subsec. (j). Puspan. L. 101–508, § 11101(d)(3)(A), substituted “section 1(g)” for “section 1(i)” in pars. (1), (2)(A), (B)(i)(I), (II), (D), and (3).

Subsec. (j)(1)(B). Puspan. L. 101–508, § 11702(d)(1), inserted “(or, if greater, the child’s share of the unused parental minimum tax exemption)” before period at end.

Subsec. (j)(2)(C). Puspan. L. 101–508, § 11101(d)(3)(B), substituted “section 1(g)(3)(B)” for “section 1(i)(3)(B)”.

Subsec. (j)(2)(D). Puspan. L. 101–508, § 11702(d)(3), substituted “paragraphs (3)(D), (5), and (6)” for “paragraphs (5) and (6)”.

Subsec. (j)(3). Puspan. L. 101–508, § 11702(d)(2), added par. (3).

1989—Subsec. (a)(2)(C). Puspan. L. 101–239, § 7612(e)(1), added subpar. (C).

Subsec. (e)(1). Puspan. L. 101–239, § 7611(f)(5)(B), inserted before period at end “(or, in the case of a qualified expenditure described in paragraph (2)(C), over the 60-month period beginning with the month in which such expenditure was paid or incurred)”.

Subsec. (g). Puspan. L. 101–239, § 7811(d)(1)(A), substituted “for the taxable year for which the item is taken into account or for any other taxable year” for “for any taxable year”.

Subsec. (i). Puspan. L. 101–239, § 7611(f)(6), substituted “amounts” for “interest” in span and “any amount shall” for “interest shall” in text.

Subsec. (j)(2)(D). Puspan. L. 101–239, § 7811(j)(7), substituted “Other rules” for “Others rules” in span.

1988—Subsec. (a)(1)(D). Puspan. L. 100–647, § 1007(e)(3), added subpar. (D).

Subsec. (e)(2). Puspan. L. 100–647, § 1007(e)(1), inserted “(determined without regard to section 291)” after “as a deduction”.

Subsec. (h). Puspan. L. 100–647, § 1007(e)(2), substituted “taxable year with the adjustments of sections 56, 57, and 58” for “taxable year—

“(1) with the adjustments of section 56, and

“(2) by not taking into account any deduction to the extent such deduction is an item of tax preference under section 57(a)”.

Subsec. (i). Puspan. L. 100–647, § 1007(e)(4), inserted “(other than this part)” after “of this subtitle” and substituted “subtitle” for “title” before “solely”.

Subsec. (j). Puspan. L. 100–647, § 1014(e)(5)(A), added subsec. (j).

Amendment by section 10101(a)(2), (c) of Puspan. L. 117–169 applicable to taxable years beginning after Dec. 31, 2022, see section 10101(f) of Puspan. L. 117–169, set out as a note under section 11 of this title.

Amendment by section 11002(d)(4) of Puspan. L. 115–97 applicable to taxable years beginning after Dec. 31, 2017, see section 11002(e) of Puspan. L. 115–97, set out as a note under section 1 of this title.

Amendment by section 12001(span)(3)(C), (10) of Puspan. L. 115–97 applicable to taxable years beginning after Dec. 31, 2017, see section 12001(c) of Puspan. L. 115–97, set out as a note under section 11 of this title.

Amendment by Puspan. L. 108–357 applicable to taxable years beginning after Dec. 31, 2004, see section 421(span) of Puspan. L. 108–357, set out as a note under section 53 of this title.

Amendment by section 6023(2) of Puspan. L. 105–206 effective July 22, 1998, see section 6023(32) of Puspan. L. 105–206, set out as a note under section 34 of this title.

Amendment by section 6011(a) of Puspan. L. 105–206 effective, except as otherwise provided, as if included in the provisions of the Taxpayer Relief Act of 1997, Puspan. L. 105–34, to which such amendment relates, see section 6024 of Puspan. L. 105–206, set out as a note under section 1 of this title.

Puspan. L. 105–34, title X, § 1057(span), Aug. 5, 1997, 111 Stat. 945, provided that: “The amendment made by this section [amending this section] shall apply to taxable years beginning after the date of the enactment of this Act [Aug. 5, 1997].”

Puspan. L. 105–34, title XI, § 1103(span), Aug. 5, 1997, 111 Stat. 966, provided that: “The amendment made by this section [amending this section] shall apply to taxable years beginning after December 31, 1997.”

Puspan. L. 105–34, title XII, § 1201(c), Aug. 5, 1997, 111 Stat. 994, provided that: “The amendments made by this section [amending this section and sections 63 and 6103 of this title] shall apply to taxable years beginning after December 31, 1997.”

Amendment by section 1601(span)(2)(D) of Puspan. L. 104–188 applicable to taxable years beginning after Dec. 31, 1995, except as otherwise provided, see section 1601(c) of Puspan. L. 104–188, set out as a note under section 55 of this title.

Amendment by section 1702(a)(1) of Puspan. L. 104–188 effective, except as otherwise expressly provided, as if included in the provision of the Revenue Reconciliation Act of 1990, Puspan. L. 101–508, title XI, to which such amendment relates, see section 1702(i) of Puspan. L. 104–188, set out as a note under section 38 of this title.

Amendment by section 1703(e) of Puspan. L. 104–188 effective as if included in the provision of the Revenue Reconciliation Act of 1993, Puspan. L. 103–66, §§ 13001–13444, to which such amendment relates, see section 1703(o) of Puspan. L. 104–188, set out as a note under section 39 of this title.

Amendment by section 1704(m)(3) of Puspan. L. 104–188 applicable to taxable years beginning after Dec. 31, 1995, see section 1704(m)(4) of Puspan. L. 104–188, set out as a note under section 1 of this title.

Amendment by Puspan. L. 102–486 applicable to taxable years beginning after Dec. 31, 1992, see section 1915(d) of Puspan. L. 102–486, set out as a note under section 56 of this title.

Amendment by section 11101(d)(3) of Puspan. L. 101–508 applicable to taxable years beginning after Dec. 31, 1990, see section 11101(e) of Puspan. L. 101–508, set out as a note under section 1 of this title.

Amendment by section 11531(span)(2) of Puspan. L. 101–508 applicable to taxable years beginning after Dec. 31, 1990, see section 11531(c) of Puspan. L. 101–508, set out as a note under section 56 of this title.

Puspan. L. 101–508, title XI, § 11702(j), Nov. 5, 1990, 104 Stat. 1388–516, provided that: “Any amendment made by this section [amending this section and sections 135, 216, 355, 367, 447, 453B, 468B, 2056, 2056A, 2523, 4980B, and 6114 of this title] shall take effect as if included in the provision of the Technical and Miscellaneous Revenue Act of 1988 [Puspan. L. 100–647] to which such amendment relates.”

Amendment by section 7611(f)(6) of Puspan. L. 101–239 applicable to taxable years beginning after Dec. 31, 1989, see section 7611(g)(1) of Puspan. L. 101–239, set out as a note under section 56 of this title.

Amendment by section 7611(f)(5)(B) of Puspan. L. 101–239 applicable to costs paid or incurred in taxable years beginning after Dec. 31, 1989, see section 7611(g)(2) of Puspan. L. 101–239, set out as a note under section 56 of this title.

Puspan. L. 101–239, title VII, § 7612(e)(2), Dec. 19, 1989, 103 Stat. 2375, provided that:

Amendment by section 7811(d)(1)(A), (j)(7) of Puspan. L. 101–239 effective, except as otherwise provided, as if included in the provision of the Technical and Miscellaneous Revenue Act of 1988, Puspan. L. 100–647, to which such amendment relates, see section 7817 of Puspan. L. 101–239, set out as a note under section 1 of this title.

Amendment by section 1007(e) of Puspan. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Puspan. L. 99–514, to which such amendment relates, see section 1019(a) of Puspan. L. 100–647, set out as a note under section 1 of this title.

Puspan. L. 100–647, title I, § 1014(e)(5)(B), Nov. 10, 1988, 102 Stat. 3562, provided that: “The amendment made by subparagraph (A) [amending this section] shall apply to taxable years beginning after December 31, 1988.”

Section applicable to taxable years beginning after Dec. 31, 1986, with certain exceptions and qualifications, see section 701(f) of Puspan. L. 99–514, set out as a note under section 55 of this title.

For provisions that nothing in amendment by Puspan. L. 115–141 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to Mar. 23, 2018, for purposes of determining liability for tax for periods ending after Mar. 23, 2018, see section 401(e) of Puspan. L. 115–141, set out as a note under section 23 of this title.

For provisions that nothing in amendment by section 11801 of Puspan. L. 101–508 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to Nov. 5, 1990, for purposes of determining liability for tax for periods ending after Nov. 5, 1990, see section 11821(span) of Puspan. L. 101–508, set out as a note under section 45K of this title.

Puspan. L. 100–647, title I, § 1007(f)(5), Nov. 10, 1988, 102 Stat. 3434, provided that: “In determining the amount of the alternative minimum tax foreign tax credit under section 59 of the 1986 Code, there shall not be taken into account any taxes paid or accrued in a taxable year beginning after December 31, 1986, which are treated under section 904(c) of the 1986 Code as paid or accrued in a taxable year beginning on or before December 31, 1986.”

For applicability of amendment by section 701(a) of Puspan. L. 99–514 [enacting this section] notwithstanding any treaty obligation of the United States in effect on Oct. 22, 1986, with provision that for such purposes any amendment by title I of Puspan. L. 100–647 be treated as if it had been included in the provision of Puspan. L. 99–514 to which such amendment relates, see section 1012(aa)(2), (4) of Puspan. L. 100–647, set out as a note under section 861 of this title.