alternative minimum tax (AMT)

URI: https://gptkb.org/entity/alternative_minimum_tax_(AMT)
GPTKB entity
Statements (26)
Predicate Object
gptkbp:instanceOf gptkb:United_States_federal_law
gptkb:tax_law
gptkbp:administeredBy gptkb:Internal_Revenue_Service
gptkbp:affects taxpayers with high deductions
gptkbp:appliesTo corporations
individual taxpayers
individuals (as of 2024)
gptkbp:calculationMethod excess of tentative minimum tax over regular tax
gptkbp:disallowsCertainDeductions yes
gptkbp:hasCarryforwardCredit yes
gptkbp:hasExemptionAmount yes
gptkbp:hasExemptionPhaseout yes
gptkbp:hasSeparateTaxRate yes
https://www.w3.org/2000/01/rdf-schema#label alternative minimum tax (AMT)
gptkbp:introducedIn 1969
gptkbp:limitation certain credits and deductions
gptkbp:publicLawNumber gptkb:IRS_Form_6251
gptkbp:purpose ensure high-income individuals pay minimum tax
gptkbp:relatedTo regular income tax
gptkbp:repealedBy Tax Cuts and Jobs Act of 2017 (for corporations)
corporations (2017)
gptkbp:requiresCalculationOf alternative minimum taxable income (AMTI)
gptkbp:taxStatus 28%
26%
gptkbp:bfsParent gptkb:American_Taxpayer_Relief_Act_of_2012
gptkbp:bfsLayer 5