Do corporations have AMT

Yes, corporations can have Alternative Minimum Tax (AMT). Starting in 2024, there is a Corporate Alternative Minimum Tax (CAMT) that applies at a 15% rate on adjusted financial statement income (AFSI) over the corporate AMT foreign tax credit.

However, CAMT only applies to:

• Corporations with average annual AFSI exceeding $1 billion over three consecutive years
• U.S. corporations with foreign parents having U.S. income of $100 million or more

Approximately 150 corporations are expected to be subject to CAMT [1].

Corporations that have AMT liability in prior years may be eligible for a credit in the current year using Form 8827, Credit for Prior Year Minimum Tax—Corporations [2].