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How did the Inflation Reduction Act of 2022 change corporate taxes?

Inflation Joint Committee on Taxation GAAP

The Inflation Reduction Act, signed by President Joe Biden on Aug. 16, 2022, changed the way large corporations are taxed. The law imposed a minimum 15% tax on corporations that made $1 billion in average annual earnings over the past three years.

Corporations report income in two different ways: book income and taxable income. The 15% minimum tax applies to book income with some adjustments.

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