On December 27, 2022, Treasury issued Notice 2023-7, which provides guidance regarding the new Corporate Alternative Minimum Tax (“CAMT”) that taxpayers can rely on until Treasury.
The Notice contains a safe harbor for a corporation to determine whether it is subject to the CAMT for the corporation's first taxable year beginning after 2022.
On December 27, 2022, Treasury released Notices 2023-7 and 2023-2 (the "Notices"). The Notices provide initial guidance on the 15% corporate minimum tax on the book income of large corporations (the "CAMT").