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136 STAT. 1827 PUBLIC LAW 117–169—AUG. 16, 2022 ‘‘(B) 80 percent of adjusted financial statement income computed without regard to the deduction allowable under this subsection. ‘‘(2) FINANCIAL STATEMENT NET OPERATING LOSS CARRY- OVER.—A financial statement net operating loss for any taxable year shall be a financial statement net operating loss carryover to each taxable year following the taxable year of the loss. The portion of such loss which shall be carried to subsequent taxable years shall be the amount of such loss remaining (if any) after the application of paragraph (1). ‘‘(3) FINANCIAL STATEMENT NET OPERATING LOSS DEFINED.— For purposes of this subsection, the term ‘financial statement net operating loss’ means the amount of the net loss (if any) set forth on the corporation’s applicable financial statement (determined after application of subsection (c) and without regard to this subsection) for taxable years ending after December 31, 2019. ‘‘(e) REGULATIONS AND OTHER GUIDANCE.—The Secretary shall provide for such regulations and other guidance as necessary to carry out the purposes of this section, including regulations and other guidance relating to the effect of the rules of this section on partnerships with income taken into account by an applicable corporation.’’. (2) CLERICAL AMENDMENT.—The table of sections for part VI of subchapter A of chapter 1 is amended by inserting after the item relating to section 56 the following new item: ‘‘Sec. 56A. Adjusted financial statement income.’’. (c) CORPORATE AMT FOREIGN TAX CREDIT.—Section 59, as amended by this section, is amended by adding at the end the following new subsection: ‘‘(l) CORPORATE AMT FOREIGN TAX CREDIT.— ‘‘(1) IN GENERAL.—For purposes of this part, if an applicable corporation chooses to have the benefits of subpart A of part III of subchapter N for any taxable year, the corporate AMT foreign tax credit for the taxable year of the applicable corpora- tion is an amount equal to sum of— ‘‘(A) the lesser of— ‘‘(i) the aggregate of the applicable corporation’s pro rata share (as determined under section 56A(c)(3)) of the amount of income, war profits, and excess profits taxes (within the meaning of section 901) imposed by any foreign country or possession of the United States which are— ‘‘(I) taken into account on the applicable finan- cial statement of each controlled foreign corpora- tion with respect to which the applicable corpora- tion is a United States shareholder, and ‘‘(II) paid or accrued (for Federal income tax purposes) by each such controlled foreign corpora- tion, or ‘‘(ii) the product of the amount of the adjustment under section 56A(c)(3) and the percentage specified in section 55(b)(2)(A)(i), and ‘‘(B) in the case of an applicable corporation that is a domestic corporation, the amount of income, war profits, and excess profits taxes (within the meaning of section Determination. 26 USC 59. 26 USC 55 prec. Effective date. VerDate Sep 11 2014 13:57 Oct 25, 2022 Jkt 029139 PO 00169 Frm 00011 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL169.117 PUBL169 jmbennett on LAP3P8D0R2PROD with Publaw