May 15, 2023

Young, Colleagues Introduce Bill to Repeal Book Minimum Tax

WASHINGTON, D.C. – Today, U.S. Senator Todd Young (R-Ind.) joined with Senator John Barrasso (R-Wyo.) and a group of Senate colleagues in reintroducing legislation to repeal the largest tax hike from the Democrats’ reckless tax and spending bill.

The reckless tax and spend bill’s book minimum tax is an arcane tax on U.S. job creators investing in America. The tax claws back longstanding provisions to help promote economic growth and investment while creating loopholes for special interest groups.

The Book Minimum Tax Repeal Act would unwind this harmful provision and stop unelected bureaucrats from manipulating tax policy to benefit their favorite industries.

In addition to Senators Young and Barrasso, cosponsors of this legislation include Mike Crapo (R-Idaho), Cynthia Lummis (R-Wyo.), James Lankford (R-Okla.), Bill Cassidy (R-La.), Steve Daines (R-Mont.), Marsha Blackburn (R-Tenn.), Jim Risch (R-Idaho), and Mike Braun (R-Ind.).

This bill is supported by the National Association of Manufacturers, the National Mining Association, the American Institute of CPAs, the Independent Petroleum Association of America, the Western Energy Alliance, the U.S. Chamber of Commerce, and the American Petroleum Institute.

Full legislative text can be found here.