U.S. Inflation Reduction Act of 2022 Signed into Law Including New Corporate Alternative Minimum Tax

U.S. President Joe Biden signed the Inflation Reduction Act of 2022 (Bill H.R. 5376) into law on 16 August 2022. The main tax provisions of the Act include:

• Establishing a 15% corporate alternative minimum tax for taxable years beginning after 31 December 2022;
• Imposing a 1% excise tax on corporate stock repurchases after 31 December 2022;
• Establishing an excise tax on drug manufacturers, producers, and importers who fail to enter into drug pricing agreements;
• Extending the health insurance…