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.
History
Added in 1986 by the Tax Reform Act of 1986. Last changed August 16, 2022 by the Inflation Reduction Act of 2022.
Every change, newest first (16)
- August 16, 2022Inflation Reduction Act of 2022
- March 27, 2020CARES Act (2020)
- December 22, 2017Tax Cuts and Jobs Act (2017)
- December 19, 2014Tax Increase Prevention Act of 2014
- February 17, 2009Public Law 111-5
- October 3, 2008Emergency Economic Stabilization Act of 2008
- December 29, 2007Public Law 110-172
- December 20, 2006Public Law 109-432
- August 8, 2005Public Law 109-58
- October 22, 2004American Jobs Creation Act of 2004
- August 20, 1996Small Business Job Protection Act of 1996
- August 10, 1993Omnibus Budget Reconciliation Act of 1993
- October 24, 1992Public Law 102-486
- December 19, 1989Omnibus Budget Reconciliation Act of 1989
- November 10, 1988Technical and Miscellaneous Revenue Act of 1988
- October 22, 1986Tax Reform Act of 1986 · added this 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.