26 U.S.C. § 53
Credit for prior year minimum tax liability
# (a) Allowance of credit
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.
# (b) Minimum tax credit
For purposes of subsection (a), the minimum tax credit for any taxable year is the excess (if any) of— (1) the adjusted net minimum tax imposed for all prior taxable years beginning after 1986, over (2) the amount allowable as a credit under subsection (a) for such prior taxable years.
# (c) Limitation
The credit allowable under subsection (a) for any taxable year shall not exceed the excess (if any) of— (1) 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 (2) the tentative minimum tax for the taxable year.
# (d) Definitions
For purposes of this section— (1) Net minimum tax (A) In general The term “net minimum tax” means the tax imposed by section 55. (B) Credit not allowed for exclusion preferences (i) Adjusted net minimum tax The adjusted net minimum tax for any taxable year is— (I) the amount of the net minimum tax for such taxable year, reduced by (II) 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). (ii) Specified items The following are specified in this clause— (I) the adjustments provided for in subsection (b)(1) of section 56, and (II) the items of tax preference described in paragraphs (1), (5), and (7) of section 57(a). (iii) Credit allowable for exclusion preferences of corporations In the case of a corporation— (I) the preceding provisions of this subparagraph shall not apply, and (II) the adjusted net minimum tax for any taxable year is the amount of the net minimum tax for such year. (2) Tentative minimum tax The term “tentative minimum tax” has the meaning given to such term by section 55(b).
# (e) Application to applicable corporations
In the case of a corporation— (1) 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 (2) the amount determined under subsection (c)(1) shall be increased by the amount of tax imposed under section 59A for the taxable year.
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Cited by 27
- 26 CFR § 1.1301-1 — Averaging of farm and fishing income.
- 26 CFR § 1.1374-4 — Recognized built-in gain or loss.
- 26 CFR § 1.1374-6 — Credits and credit carryforwards.
- 26 CFR § 1.1502-55 — Computation of alternative minimum tax of consolidated groups.
- 26 CFR § 1.28-1 — Credit for clinical testing expenses for certain drugs for rare diseases or conditions.
- 26 CFR § 1.280C-1 — Disallowance of certain deductions for wage or salary expenses.
- 26 CFR § 1.30-1 — Definition of qualified electric vehicle and recapture of credit for qualified electric vehicle.
- 26 CFR § 1.382-2 — General rules for ownership change.
- 26 CFR § 1.382-2T — Definition of ownership change under section 382, as amended by the Tax Reform Act of 1986 (temporary).
- 26 CFR § 1.382-6 — Allocation of income and loss to periods before and after the change date for purposes of section 382.
- 26 CFR § 1.383-1 — Special limitations on certain capital losses and excess credits.
- 26 CFR § 1.460-6 — Look-back method.
Show 15 more
- 26 CFR § 1.52-1 — Trades or businesses that are under common control.
- 26 CFR § 1.53-1 — Limitation based on amount of tax.
- 26 CFR § 1.53-2 — Carryback and carryover of unused credit.
- 26 CFR § 1.53-3 — Separate rule for pass-through of jobs credit.
- 26 CFR § 1.761-2 — Exclusion of certain unincorporated organizations from the application of all or part of subchapter K of chapter 1 of the Internal Revenue Code.
- 26 CFR § 3.0 — Statutory provisions; section 607, Merchant Marine Act, 1936, as amended.
- 26 CFR § 3.3 — Nontaxability of deposits.
- 26 CFR § 53.4943-10 — Business enterprise; definition.
- 26 CFR § 53.4960-1 — Scope and definitions.
- 26 CFR § 53.4960-6 — Applicability date.
- 26 U.S.C. § 108 — Income from discharge of indebtedness
- 26 U.S.C. § 381 — Carryovers in certain corporate acquisitions
- 26 U.S.C. § 383 — Special limitations on certain excess credits, etc.
- 26 U.S.C. § 420 — Transfers of excess pension assets to retiree health accounts
- 26 U.S.C. § 7436 — Proceedings for determination of employment status
Nearby sections (25 sections)
- 48 · Energy credit
- 48A · Qualifying advanced coal project credit
- 48B · Qualifying gasification project credit
- 48C · Qualifying advanced energy project credit
- 48D · Advanced manufacturing investment credit
- 48E · Clean electricity investment credit
- 49 · At-risk rules
- 50 · Other special rules
- 50A · Repealed. Pub. L. 98–369, div. A, title IV, § 474(m)(2), July 18,…
- 51 · Amount of credit
- 51A · Repealed. Pub. L. 109–432, div. A, title I, § 105(e)(4)(A), Dec.…
- 52 · Special rules
- 53 · Credit for prior year minimum tax liability
- 54 · Repealed. Pub. L. 115–97, title I, § 13404(a), Dec. 22, 2017, 131…
- 54A · Repealed. Pub. L. 115–97, title I, § 13404(a), Dec. 22, 2017, 131…
- 54AA · Repealed. Pub. L. 115–97, title I, § 13404(a), Dec. 22, 2017,…
- 55 · Alternative minimum tax imposed
- 56 · Adjustments in computing alternative minimum taxable income
- 56A · Adjusted financial statement income
- 57 · Items of tax preference
- 58 · Denial of certain losses
- 59 · Other definitions and special rules
- 59A · Tax on base erosion payments of taxpayers with substantial gross…
- 59B · Repealed. Pub. L. 101–234, title I, § 102(a), Dec. 13, 1989, 103…
- 61 · Gross income defined