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136 STAT. 1818 PUBLIC LAW 117–169—AUG. 16, 2022 Public Law 117–169 117th Congress An Act To provide for reconciliation pursuant to title II of S. Con. Res. 14. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, TITLE I—COMMITTEE ON FINANCE Subtitle A—Deficit Reduction SECTION 10001. AMENDMENT OF 1986 CODE. Except as otherwise expressly provided, whenever in this sub- title an amendment or repeal is expressed in terms of an amend- ment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. PART 1—CORPORATE TAX REFORM SEC. 10101. CORPORATE ALTERNATIVE MINIMUM TAX. (a) IMPOSITION OF TAX.— (1) IN GENERAL.—Paragraph (2) of section 55(b) is amended to read as follows: ‘‘(2) CORPORATIONS.— ‘‘(A) APPLICABLE CORPORATIONS.—In the case of an applicable corporation, the tentative minimum tax for the taxable year shall be the excess of— ‘‘(i) 15 percent of the adjusted financial statement income for the taxable year (as determined under sec- tion 56A), over ‘‘(ii) the corporate AMT foreign tax credit for the taxable year. ‘‘(B) OTHER CORPORATIONS.—In the case of any corpora- tion which is not an applicable corporation, the tentative minimum tax for the taxable year shall be zero.’’. (2) APPLICABLE CORPORATION.—Section 59 is amended by adding at the end the following new subsection: ‘‘(k) APPLICABLE CORPORATION.—For purposes of this part— ‘‘(1) APPLICABLE CORPORATION DEFINED.— ‘‘(A) IN GENERAL.—The term ‘applicable corporation’ means, with respect to any taxable year, any corporation (other than an S corporation, a regulated investment com- pany, or a real estate investment trust) which meets the Determinations. 26 USC 55. Appropriations authorizations. Aug. 16, 2022 [H.R. 5376] VerDate Sep 11 2014 13:57 Oct 25, 2022 Jkt 029139 PO 00169 Frm 00002 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL169.117 PUBL169 jmbennett on LAP3P8D0R2PROD with Publaw