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The Inflation Reduction Act, enacted 16 August 2022, imposes a corporate alternative minimum tax (CAMT) on “adjusted financial statement income” (AFSI) of "applicable corporations." The CAMT is effective for tax years beginning after 31 December 2022.

The IRS recently released Notice 2023-20, which provides additional interim guidance relating to the new corporate alternative minimum tax (CAMT), which was imposed by the Inflation Reduction Act. This interim guidance is intended to “help avoid substantial unintended adverse consequences to the insurance industry” from the application of the CAMT. Notice 2023-7, which provided a first round of interim CAMT guidance, promised that the issues outlined therein would be addressed before the issuance of forthcoming proposed regulations. The subsequent Notice provides that taxpayers may rely on the new interim guidance until the proposed regulations are issued.

Read more in this PwC Tax Insights