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136 STAT. 1828 PUBLIC LAW 117–169—AUG. 16, 2022 901) imposed by any foreign country or possession of the United States to the extent such taxes are— ‘‘(i) taken into account on the applicable corpora- tion’s applicable financial statement, and ‘‘(ii) paid or accrued (for Federal income tax pur- poses) by the applicable corporation. ‘‘(2) CARRYOVER OF EXCESS TAX PAID.—For any taxable year for which an applicable corporation chooses to have the benefits of subpart A of part III of subchapter N, the excess of the amount described in paragraph (1)(A)(i) over the amount described in paragraph (1)(A)(ii) shall increase the amount described in paragraph (1)(A)(i) in any of the first 5 succeeding taxable years to the extent not taken into account in a prior taxable year. ‘‘(3) REGULATIONS OR OTHER GUIDANCE.—The Secretary shall provide for such regulations or other guidance as is nec- essary to carry out the purposes of this subsection.’’. (d) TREATMENT OF GENERAL BUSINESS CREDIT.—Section 38(c)(6)(E) is amended to read as follows: ‘‘(E) CORPORATIONS.—In the case of a corporation— ‘‘(i) the first sentence of paragraph (1) shall be applied by substituting ‘25 percent of the taxpayer’s net income tax as exceeds $25,000’ for ‘the greater of’ and all that follows, ‘‘(ii) paragraph (2)(A) shall be applied without regard to clause (ii)(I) thereof, and ‘‘(iii) paragraph (4)(A) shall be applied without regard to clause (ii)(I) thereof.’’. (e) CREDIT FOR PRIOR YEAR MINIMUM TAX LIABILITY.— (1) IN GENERAL.—Section 53(e) is amended to read as fol- lows: ‘‘(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.’’. (2) CONFORMING AMENDMENTS.—Section 53(d) is amended— (A) in paragraph (2), by striking ‘‘, except that in the case’’ and all that follows through ‘‘treated as zero’’, and (B) by striking paragraph (3). (f) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2022. PART 2—EXCISE TAX ON REPURCHASE OF CORPORATE STOCK SEC. 10201. EXCISE TAX ON REPURCHASE OF CORPORATE STOCK. (a) IN GENERAL.—Subtitle D is amended by inserting after chapter 36 the following new chapter: 26 USC 11 note. Applicability. 26 USC 38. Time period. VerDate Sep 11 2014 13:57 Oct 25, 2022 Jkt 029139 PO 00169 Frm 00012 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL169.117 PUBL169 jmbennett on LAP3P8D0R2PROD with Publaw