An additional tax imposed on individuals, corporations, trusts and estates if the amount of tax liability determined under the alternative minimum tax rules exceeds the tax liability determined under regular income tax rules. The alternative minimum tax:

The Inflation Reduction Act of 2022 introduced a new 15% corporate alternative minimum tax (new corporate AMT) on the adjusted financial statement income (book income) of certain large corporations, effective for taxable years beginning after December 31, 2022. The new corporate AMT is a significant departure from the corporate AMT that was in effect before being repealed by the Tax Cuts and Jobs Act (TCJA) for tax years beginning after 2017. The repealed corporate AMT was based on taxable income and not book income.