The article discusses the challenges and opportunities faced by corporations under the scope bubble of the Corporate Average Fuel Economy (CAFE) standards. It highlights the need for companies to adapt to the changing regulations and invest in innovative technologies to meet the fuel efficiency requirements. The report also emphasizes the importance of collaboration between government and industry stakeholders to achieve sustainable solutions.
H.R. 5376, commonly called the “Inflation Reduction Act of 2022” (IRA), added a new corporate alternative minimum tax (CAMT)—a minimum tax based on financial statement income that is imposed on applicable corporations.
While CAMT’s broad contours have been constructed, certain rules remain uncertain for the 2023 tax year. In particular, it remains uncertain whether certain corporations close to the $1 billion average annual adjusted financial statement income (AFSI) threshold are within the scope of CAMT.
Read a February 2024 report* [PDF 2.8 MB] prepared by KPMG LLP tax professionals that focuses on the specific challenges and opportunities faced by “scope bubble corporations.” This report is the third in a series examining CAMT. Read TaxNewsFlash
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