03/03/2023
A critical provision applies to most U.S. corporations that earn more than $1 billion in profits. While under current law, these firms are subject to a 21% corporate tax rate, many pay less or no federal tax. Under this change, a new minimum 15% tax would apply based on annual income posted in a corporation’s financial statement, rather than the corporation’s taxable income, effective on January 1, 2023.
