26 U.S.C. § 53
§ 53. Credit for prior year minimum tax liability
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
The law as written
Current through Public Law 119-102. Amendment notes omitted.
Structure
There shall be allowed as a credit against the tax imposed by this chapter for any taxable year an amount equal to the minimum tax credit for such taxable year.
For purposes of subsection (a), the minimum tax credit for any taxable year is the excess (if any) of—
the adjusted net minimum tax imposed for all prior taxable years beginning after 1986, over
the amount allowable as a credit under subsection (a) for such prior taxable years.
The credit allowable under subsection (a) for any taxable year shall not exceed the excess (if any) of—
the regular tax liability of the taxpayer for such taxable year reduced by the sum of the credits allowable under subparts A, B, D, E, and F of this part, over
the tentative minimum tax for the taxable year.
For purposes of this section—
The term “net minimum tax” means the tax imposed by section 55.
The adjusted net minimum tax for any taxable year is—
the amount of the net minimum tax for such taxable year, reduced by
the amount which would be the net minimum tax for such taxable year if the only adjustments and items of tax preference taken into account were those specified in clause (ii).
The following are specified in this clause—
the adjustments provided for in subsection (b)(1) of section 56, and
the items of tax preference described in paragraphs (1), (5), and (7) of section 57(a).
In the case of a corporation—
the preceding provisions of this subparagraph shall not apply, and
the adjusted net minimum tax for any taxable year is the amount of the net minimum tax for such year.
The term “tentative minimum tax” has the meaning given to such term by section 55(b).
In the case of a corporation—
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
the amount determined under subsection (c)(1) shall be increased by the amount of tax imposed under section 59A for the taxable year.