§ 53. Credit for prior year minimum tax liability

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1986

   Tax Reform Act of 1986

   Pub. L. 99–514 title VII § 701(b) · 100 Stat. 2085

   Enacted · 26 U.S.C. § 53

   Added Pub. L. 99–514, title VII, § 701(b), Oct. 22, 1986, 100 Stat. 2339

   Source evidence

   Code source credit
   Added Pub. L. 99–514, title VII, § 701(b), Oct. 22, 1986, 100 Stat. 2339

   Enacted provision · exact public law section
   (b) Credit Against Regular Tax for Prior Year Minimum Tax Liability.— Part IV of subchapter A of chapter 1 (relating to credits allowable) is amended by adding at the end thereof the following new subpart: “Subpart G— Credit Against Regular Tax for Prior Year Minimum Tax Liability “Sec. 53. Credit for prior year minimum tax liability. “SEC. 53. CREDIT FOR PRIOR YEAR MINIMUM TAX LIABILITY. “(a) Allowance of Credit.— There shall be allowed as a credit against the tax imposed by this chapter for any taxable year an amount equal to the minimum tax credit for such taxable year. “(b) Minimum Tax Credit.— For purposes of subsection (a), the minimum tax credit for any taxable year is the excess (if any) of— “(1) the adjusted net minimum tax imposed for all prior taxable years beginning after 1986, over “(2) the amount allowable as a credit under subsection (a) for such prior taxable years. “(c) Limitation.— The credit allowable under subsection (a) for any taxable year shall not exceed the excess (if any) of— “(1) the regular tax liability of the taxpayer for such taxable year reduced by the sum of the credits allowable under subparts A, B, D, E, and F of this part, over “(2) the tentative minimum tax for the taxable year. “(d) Definitions.— For purposes of this section— “(1) Net minimum tax.— “(A) In general.— The term ‘net minimum tax’ means the tax imposed by section 55. “(B) Credit not allowed for exclusion preferences.— “(i) Adjusted net minimum tax.— The adjusted net minimum tax for any taxable year is— “(I) the amount of the net minimum tax for such taxable year, reduced by “(II) the amount which would be the net minimum tax for such taxable year if the only adjustments and items of tax preference taken into account were those specified in clause (ii). “(ii) Specified items.— The following are specified in this clause— “(I) the adjustments provided for in subsections (b)(1) and (c)(3) of section 56, and “(II) the items of tax preference described in paragraphs (1), (5), and (6) of section 57(a). In the case of taxable years beginning after 1989, the adjustments provided in section 56(g) shall be treated as specified in this clause to the extent attributable to items which are excluded from gross income for any taxable year for purposes of the regular tax, or are not deductible for any taxable year under the adjusted earnings and profits method of section 56(g). “(2) Tentative minimum tax.— The term ‘tentative minimum tax’ has the meaning given to such term by section 55(b).”

2. 1988

   Technical and Miscellaneous Revenue Act of 1988

   Pub. L. 100–647 § 1007(g)(4) · 102 Stat. 3342

   Substituted · 26 U.S.C. § 53(d)(1)(B)(ii)

   Pub. L. 100–647, § 1007(g)(4), substituted “current earnings” for “earnings and profits” in last sentence

   Source evidence

   Code amendment note
   Subsec. (d)(1)(B)(ii). Pub. L. 100–647, § 1007(g)(4), substituted “current earnings” for “earnings and profits” in last sentence.

   Enacted provision · exact public law section
   (4) The last sentence of clause (ii) of section 53(d)(1)(B) of the 1986 Code is amended by striking out “earnings and profits” and inserting in lieu thereof “current earnings”.

3. 1988

   Technical and Miscellaneous Revenue Act of 1988

   Pub. L. 100–647 § 6304(a) · 102 Stat. 3342

   Added · 26 U.S.C. § 53(d)(1)(B)(iii)

   Pub. L. 100–647, § 6304(a), added cl. (iii)

   Source evidence

   Code amendment note
   Subsec. (d)(1)(B)(iii). Pub. L. 100–647, § 6304(a), added cl. (iii).

   Enacted provision · exact public law section
   (a) In General.— Section 53(d)(1)(B) of the 1986 Code (relating to credit not allowed for exclusion preferences) is amended by adding at the end thereof the following new clause: “(iii) Special rule.— The adjusted net minimum tax for the taxable year shall be increased by the amount of the credit not allowed under section 29 (relating to credit for producing fuel from a nonconventional source) solely by reason of the application of section 29(b)(5)(B).”

4. 1989

   Revenue Reconciliation Act of 1989

   Pub. L. 101–239 § 7811(d)(2) · 103 Stat. 2106

   Inserted · 26 U.S.C. § 53(d)(1)(B)(i)(II)

   Pub. L. 101–239, § 7811(d)(2), inserted before period at end “and if section 59(a)(2) did not apply”

   Source evidence

   Code amendment note
   Subsec. (d)(1)(B)(i)(II). Pub. L. 101–239, § 7811(d)(2), inserted before period at end “and if section 59(a)(2) did not apply”.

   Enacted provision · exact public law section
   (2) Subclause (II) of section 53(d)(1)(B)(i) is amended by inserting before the period at the end the following: “and if section 59(a)(2) did not apply”.

5. 1989

   Revenue Reconciliation Act of 1989

   Pub. L. 101–239 § 7612(a)(2) · 103 Stat. 2106

   1. Substituted · 26 U.S.C. § 53(d)(1)(B)(ii)

      Pub. L. 101–239, § 7612(a)(2), substituted “subsection (b)(1)” for “subsections (b)(1) and (c)(3)” in subcl. (I)

   2. Struck · 26 U.S.C. § 53(d)(1)(B)(ii)

      Pub. L. 101–239, § 7612(a)(2), struck out at end “In the case of taxable years beginning after 1989, the adjustments provided in section 56(g) shall be treated as specified in this clause to the extent attributable to items which are excluded from gross income for any taxable year for purposes of the regular tax, or are not deductible for any taxable year under the adjusted current earnings method of section 56(g).”

   Source evidence

   Code amendment note
   Subsec. (d)(1)(B)(ii). Pub. L. 101–239, § 7612(a)(2), substituted “subsection (b)(1)” for “subsections (b)(1) and (c)(3)” in subcl. (I) and struck out at end “In the case of taxable years beginning after 1989, the adjustments provided in section 56(g) shall be treated as specified in this clause to the extent attributable to items which are excluded from gross income for any taxable year for purposes of the regular tax, or are not deductible for any taxable year under the adjusted current earnings method of section 56(g).”

   Enacted provision · exact public law section
   (2) Conforming amendment.— Clause (ii) of section 53(d)(1)(B) is amended— (A) by striking “subsections (b)(1) and (c)(3)” and inserting “subsection (b)(1)”, and (B) by striking the last sentence.

6. 1989

   Revenue Reconciliation Act of 1989

   Pub. L. 101–239 § 7612(b)(1) · 103 Stat. 2106

   Inserted · 26 U.S.C. § 53(d)(1)(B)(iii)

   Pub. L. 101–239, § 7612(b)(1), which directed amendment of cl. (iii) by inserting “or not allowed under section 28 solely by reason of the application of section 28(d)(2)(B)” after “section 29(d)(5)(B)”, was executed by making the insertion after “section 29(b)(5)(B)”, as the probable intent of Congress

   Source evidence

   Code amendment note
   Subsec. (d)(1)(B)(iii). Pub. L. 101–239, § 7612(b)(1), which directed amendment of cl. (iii) by inserting “or not allowed under section 28 solely by reason of the application of section 28(d)(2)(B)” after “section 29(d)(5)(B)”, was executed by making the insertion after “section 29(b)(5)(B)”, as the probable intent of Congress.

   Enacted provision · exact public law section
   (1) In general.— Clauses (iii) and (iv) of section 53(d)(1) (B) (as amended by subsection (a)) are each amended by inserting after “section 29(d)(5)(B)” the following: “or not allowed under section 28 solely by reason of the application of section 28(d)(2)(B)”.

7. 1989

   Revenue Reconciliation Act of 1989

   Pub. L. 101–239 § 7612(b)(1) · 103 Stat. 2106

   Inserted · 26 U.S.C. § 53(d)(1)(B)(iv)

   Pub. L. 101–239, § 7612(b)(1), which directed amendment of cl. (iv) by inserting “or not allowed under section 28 solely by reason of the application of section 28(d)(2)(B)” after “section 29(d)(5)(B)”, was executed by making the insertion after “section 29(b)(5)(B)” in subcl. (II), as the probable intent of Congress

   Source evidence

   Code amendment note
   Subsec. (d)(1)(B)(iv). Pub. L. 101–239, § 7612(b)(1), which directed amendment of cl. (iv) by inserting “or not allowed under section 28 solely by reason of the application of section 28(d)(2)(B)” after “section 29(d)(5)(B)”, was executed by making the insertion after “section 29(b)(5)(B)” in subcl. (II), as the probable intent of Congress.

   Enacted provision · exact public law section
   (1) In general.— Clauses (iii) and (iv) of section 53(d)(1) (B) (as amended by subsection (a)) are each amended by inserting after “section 29(d)(5)(B)” the following: “or not allowed under section 28 solely by reason of the application of section 28(d)(2)(B)”.

8. 1989

   Revenue Reconciliation Act of 1989

   Pub. L. 101–239 § 7612(a)(1) · 103 Stat. 2106

   Added · 26 U.S.C. § 53(d)(1)(B)(iv)

   Pub. L. 101–239, § 7612(a)(1), added cl. (iv)

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 101–239, § 7612(a)(1), added cl. (iv).

   Enacted provision · exact public law section
   (1) In general.— Subparagraph (B) of section 53(d)(1) (relating to credit not allowed for exclusion preferences) is amended by adding at the end thereof the following new clause: “(iv) Credit allowable for exclusion preferences of corporations.— In the case of a corporation— “(I) the preceding provisions of this subparagraph shall not apply, and “(II) the adjusted net minimum tax for any taxable year is the amount of the net minimum tax for such year increased by the amount of any credit not allowed under section 29 solely by reason of the application of section 29(b)(5)(B).”

9. 1992

   Energy Policy Act of 1992

   Pub. L. 102–486 § 1913(b)(2)(C)(i) · 106 Stat. 2776

   Substituted · 26 U.S.C. § 53(d)(1)(B)(iii)

   Pub. L. 102–486, § 1913(b)(2)(C)(i), substituted “section 29(b)(6)(B),” for “section 29(b)(5)(B) or”

   Source evidence

   Code amendment note
   Subsec. (d)(1)(B)(iii). Pub. L. 102–486, § 1913(b)(2)(C)(i), substituted “section 29(b)(6)(B),” for “section 29(b)(5)(B) or”.

   Enacted provision · exact public law section
   (i) by striking “section 29(b)(5)(B) or” and inserting “section 29(b)(6)(B),”, and

10. 1992

    Energy Policy Act of 1992

    Pub. L. 102–486 § 1913(b)(2)(C)(ii) · 106 Stat. 2776

    Inserted · 26 U.S.C. § 53(d)(1)(B)(iii)

    Pub. L. 102–486, § 1913(b)(2)(C)(ii), inserted before period at end “, or not allowed under section 30 solely by reason of the application of section 30(b)(3)(B)”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 102–486, § 1913(b)(2)(C)(ii), inserted before period at end “, or not allowed under section 30 solely by reason of the application of section 30(b)(3)(B)”.

    Enacted provision · exact public law section
    (ii) by inserting “, or not allowed under section 30 solely by reason of the application of section 3(XbX3XB)” before the period.

11. 1993

    Revenue Reconciliation Act of 1993

    Pub. L. 103–66 § 13171(c) · 107 Stat. 312

    Substituted · 26 U.S.C. § 53(d)(1)(B)(ii)(II)

    Pub. L. 103–66, § 13171(c), substituted “(5), and (7)” for “(5), (6), and (8)”

    Source evidence

    Code amendment note
    Subsec. (d)(1)(B)(ii)(II). Pub. L. 103–66, § 13171(c), substituted “(5), and (7)” for “(5), (6), and (8)”.

    Enacted provision · exact public law section
    (c) Conforming Amendment.— Subclause (II) of section 53(d)(1)(B)(ii) (as amended by section 13113) is amended by striking 26 USC 53. “(5), (6), and (8)” and inserting “(5), and (7)”.

12. 1993

    Revenue Reconciliation Act of 1993

    Pub. L. 103–66 § 13113(b)(2) · 107 Stat. 312

    Substituted · 26 U.S.C. § 53(d)(1)(B)(ii)(II)

    Pub. L. 103–66, § 13113(b)(2), substituted “(6), and (8)” for “and (6)”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 103–66, § 13113(b)(2), substituted “(6), and (8)” for “and (6)”.

    Enacted provision · exact public law section
    (2) Conforming amendment.— Subclause (II) of section 53(d)(1)(B)(ii) is amended by striking “and (6)” and inserting “(6), and (8)”.

13. 1996

    Small Business Job Protection Act of 1996

    Pub. L. 104–188 § 1205(d)(5)(A) · 110 Stat. 1755

    Struck · 26 U.S.C. § 53(d)(1)(B)(iii)

    Pub. L. 104–188, § 1205(d)(5)(A), which directed that cl. (iii) be amended by striking out “or not allowed under section 28 solely by reason of the application of section 28(d)(2)(B),” was executed by striking out “not allowed under section 28 solely by reason of the application of section 28(d)(2)(B),” after “29(b)(6)(B),”, to reflect the probable intent of Congress

    Source evidence

    Code amendment note
    Subsec. (d)(1)(B)(iii). Pub. L. 104–188, § 1205(d)(5)(A), which directed that cl. (iii) be amended by striking out “or not allowed under section 28 solely by reason of the application of section 28(d)(2)(B),” was executed by striking out “not allowed under section 28 solely by reason of the application of section 28(d)(2)(B),” after “29(b)(6)(B),”, to reflect the probable intent of Congress.

    Enacted provision · exact public law section
    (A) by striking “or not allowed under section 28 solely by reason of the application of section 28(d)(2)(B),” in clause (iii), and

14. 1996

    Small Business Job Protection Act of 1996

    Pub. L. 104–188 § 1704(j)(1) · 110 Stat. 1755

    Amended · 26 U.S.C. § 53(d)(1)(B)(iv)(II)

    Pub. L. 104–188, § 1704(j)(1), amended subcl. (II) generally. Prior to amendment, subcl. (II) read as follows: “the adjusted net minimum tax for any taxable year is the amount of the net minimum tax for such year increased by the amount of any credit not allowed under section 29 solely by reason of the application of section 29(b)(5)(B) or not allowed under section 28 solely by reason of the application of section 28(d)(2)(B).”

    Source evidence

    Code amendment note
    Subsec. (d)(1)(B)(iv)(II). Pub. L. 104–188, § 1704(j)(1), amended subcl. (II) generally. Prior to amendment, subcl. (II) read as follows: “the adjusted net minimum tax for any taxable year is the amount of the net minimum tax for such year increased by the amount of any credit not allowed under section 29 solely by reason of the application of section 29(b)(5)(B) or not allowed under section 28 solely by reason of the application of section 28(d)(2)(B).”

    Enacted provision · exact public law section
    (1) Effective with respect to taxable years beginning after December 31, 1990, subclause (II) of section 53(d)(1)(B)(iv) is amended to read as follows: “(II) the adjusted net minimum tax for any taxable year is the amount of the net minimum tax for such year increased in the manner provided in clause (iii).”.

15. 1996

    Small Business Job Protection Act of 1996

    Pub. L. 104–188 § 1205(d)(5)(B) · 110 Stat. 1755

    Struck · 26 U.S.C. § 53(d)(1)(B)(iv)(II)

    Pub. L. 104–188, § 1205(d)(5)(B), which directed that subcl. (II) be amended by striking out “or not allowed under section 28 solely by reason of the application of section 28(d)(2)(B)”, could not be executed because the phrase sought to be struck out did not appear in text subsequent to the general amendment of subcl. (II) by Pub. L. 104–188, § 1704(j)(1), see above, which, pursuant to section 1701 of Pub. L. 104–188, set out as a note under section 1 of this title, is treated as having been enacted before section 1205(d)(5)(B) of Pub. L. 104–188

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 104–188, § 1205(d)(5)(B), which directed that subcl. (II) be amended by striking out “or not allowed under section 28 solely by reason of the application of section 28(d)(2)(B)”, could not be executed because the phrase sought to be struck out did not appear in text subsequent to the general amendment of subcl. (II) by Pub. L. 104–188, § 1704(j)(1), see above, which, pursuant to section 1701 of Pub. L. 104–188, set out as a note under section 1 of this title, is treated as having been enacted before section 1205(d)(5)(B) of Pub. L. 104–188.

    Enacted provision · exact public law section
    (B) by striking “or not allowed under section 28 solely by reason of the application of section 28(d)(2)(B)” in clause (iv)(II).

16. 2004

    Pub. L. 108–357 title IV § 421(a)(2) · 118 Stat. 1418

    Struck · 26 U.S.C. § 53(d)(1)(B)(i)(II)

    Pub. L. 108–357 struck out “and if section 59(a)(2) did not apply” before period at end

    Source evidence

    Code amendment note
    Subsec. (d)(1)(B)(i)(II). Pub. L. 108–357 struck out “and if section 59(a)(2) did not apply” before period at end.

    Enacted provision · exact public law section
    (2) Section 53(d)(1)(B)(i)(II) is amended by striking “and if section 59(a)(2) did not apply”.

17. 2005

    Energy Tax Incentives Act of 2005

    Pub. L. 109–58 title XIII § 1322(a)(3)(G) · 119 Stat. 594

    Struck · 26 U.S.C. § 53(d)(1)(B)(iii)

    Pub. L. 109–58 struck out “under section 29 (relating to credit for producing fuel from a nonconventional source) solely by reason of the application of section 29(b)(6)(B), or not allowed” before “under section 30”

    Source evidence

    Code amendment note
    Subsec. (d)(1)(B)(iii). Pub. L. 109–58 struck out “under section 29 (relating to credit for producing fuel from a nonconventional source) solely by reason of the application of section 29(b)(6)(B), or not allowed” before “under section 30”.

    Enacted provision · exact public law section
    (G) Section 53(d)(1)(B)(iii) is amended by striking “under section 29” and all that follows through “or not allowed”.

18. 2006

    Tax Relief and Health Care Act of 2006

    Pub. L. 109–432 div. A title IV § 402(a) · 120 Stat. 2922

    Added · 26 U.S.C. § 53(e)

    Pub. L. 109–432 added subsec. (e)

    Source evidence

    Code amendment note
    Subsec. (e). Pub. L. 109–432 added subsec. (e).

    Enacted provision · exact public law section
    (a) In General.— Section 53 (relating to credit for prior year minimum tax liability) is amended by adding at the end the following new subsection: “(e) Special Rule for Individuals With Long-Term Unused Credits.— “(1) In general.— If an individual has a long-term unused minimum tax credit for any taxable year beginning before January 1, 2013, the amount determined under subsection (c) for such taxable year shall not be less than the AMT refundable credit amount for such taxable year. “(2) AMT refundable credit amount.— For purposes of paragraph (1)— “(A) In general.— The term ‘AMT refundable credit amount’ means, with respect to any taxable year, the amount equal to the greater of— “(i) the lesser of— “(I) $5,000, or “(II) the amount of long-term unused minimum tax credit for such taxable year, or “(ii) 20 percent of the amount of such credit. “(B) Phaseout of amt refundable credit amount.— “(i) In general.— In the case of an individual whose adjusted gross income for any taxable year exceeds the threshold amount (within the meaning of section 151(d)(3)(C)), the AMT refundable credit amount determined under subparagraph (A) for such taxable year shall be reduced by the applicable percentage (within the meaning of section 151(d)(3)(B)). “(ii) Adjusted gross income.— For purposes of clause (i), adjusted gross income shall be determined without regard to sections 911, 931, and 933. “(3) Long-term unused minimum tax credit.— “(A) In general.— For purposes of this subsection, the term ‘long-term unused minimum tax credit’ means, with respect to any taxable year, the portion of the minimum tax credit determined under subsection (b) attributable to the adjusted net minimum tax for taxable years before the 3rd taxable year immediately preceding such taxable year. “(B) First-in, first-out ordering rule.— For purposes of subparagraph (A), credits shall be treated as allowed under subsection (a) on a first-in, first-out basis. “(4) Credit refundable.— For purposes of this title (other than this section), the credit allowed by reason of this subsection shall be treated as if it were allowed under subpart C.” .

19. 2007

    Tax Technical Corrections Act of 2007

    Pub. L. 110–172 § 2(a) · 121 Stat. 2473

    Amended · 26 U.S.C. § 53(e)(2)(A)

    Pub. L. 110–172 reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “The term ‘AMT refundable credit amount’ means, with respect to any taxable year, the amount equal to the greater of—

    Source evidence

    Code amendment note
    Subsec. (e)(2)(A). Pub. L. 110–172 reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “The term ‘AMT refundable credit amount’ means, with respect to any taxable year, the amount equal to the greater of—

    “(i) the lesser of— “(I) $5,000, or “(II) the amount of long-term unused minimum tax credit for such taxable year, or “(ii) 20 percent of the amount of such credit.”

    Enacted provision · exact public law section
    (a) Amendment Related to Section 402 of Division A of the Act.— Subparagraph (A) of section 53(e)(2) 26 USC 53. is amended to read as follows: “(A) In general.— The term ‘AMT refundable credit amount’ means, with respect to any taxable year, the amount (not in excess of the long-term unused minimum tax credit for such taxable year) equal to the greater of— “(i) $5,000, “(ii) 20 percent of the long-term unused minimum tax credit for such taxable year, or “(iii) the amount (if any) of the AMT refundable credit amount determined under this paragraph for the taxpayer’s preceding taxable year (as determined before any reduction under subparagraph (B)).” .

20. 2008

    Emergency Economic Stabilization Act of 2008

    Pub. L. 110–343 § 103(a) · 122 Stat. 3765

    Amended · 26 U.S.C. § 53(e)(2)

    Pub. L. 110–343, § 103(a), reenacted heading without change and amended text generally. Prior to amendment, par. (2) defined “AMT refundable credit amount” and provided for phaseout of AMT refundable credit amount based on adjusted gross income

    Source evidence

    Code amendment note
    Subsec. (e)(2). Pub. L. 110–343, § 103(a), reenacted heading without change and amended text generally. Prior to amendment, par. (2) defined “AMT refundable credit amount” and provided for phaseout of AMT refundable credit amount based on adjusted gross income.

    Enacted provision · exact public law section
    SEC. 103. CONSIDERATIONS.   In exercising the authorities granted in this Act, the Secretary shall take into consideration— (1) protecting the interests of taxpayers by maximizing overall returns and minimizing the impact on the national debt; (2) providing stability and preventing disruption to financial markets in order to limit the impact on the economy and protect American jobs, savings, and retirement security; (3) the need to help families keep their homes and to stabilize communities; (4) in determining whether to engage in a direct purchase from an individual financial institution, the long-term viability of the financial institution in determining whether the purchase represents the most efficient use of funds under this Act; (5) ensuring that all financial institutions are eligible to participate in the program, without discrimination based on size, geography, form of organization, or the size, type, and number of assets eligible for purchase under this Act; (6) providing financial assistance to financial institutions, including those serving low- and moderate-income populations and other underserved communities, and that have assets less than $1,000,000,000, that were well or adequately capitalized as of June 30, 2008, and that as a result of the devaluation of the preferred government-sponsored enterprises stock will drop one or more capital levels, in a manner sufficient to restore the financial institutions to at least an adequately capitalized level; (7) the need to ensure stability for United States public instrumentalities, such as counties and cities, that may have suffered significant increased costs or losses in the current market turmoil; (8) protecting the retirement security of Americans by purchasing troubled assets held by or on behalf of an eligible retirement plan described in clause (iii), (iv), (v), or (vi) of section 402(c)(8)(B) of the Internal Revenue Code of 1986, except that such authority shall not extend to any compensation arrangements subject to section 409A of such Code; and (9) the utility of purchasing other real estate owned and instruments backed by mortgages on multifamily properties.

21. 2008

    Emergency Economic Stabilization Act of 2008

    Pub. L. 110–343 § 103(b) · 122 Stat. 3765

    Added · 26 U.S.C. § 53(f)

    Pub. L. 110–343, § 103(b), added subsec. (f)

    Source evidence

    Code amendment note
    Subsec. (f). Pub. L. 110–343, § 103(b), added subsec. (f).

    Enacted provision · exact public law section
    SEC. 103. CONSIDERATIONS.   In exercising the authorities granted in this Act, the Secretary shall take into consideration— (1) protecting the interests of taxpayers by maximizing overall returns and minimizing the impact on the national debt; (2) providing stability and preventing disruption to financial markets in order to limit the impact on the economy and protect American jobs, savings, and retirement security; (3) the need to help families keep their homes and to stabilize communities; (4) in determining whether to engage in a direct purchase from an individual financial institution, the long-term viability of the financial institution in determining whether the purchase represents the most efficient use of funds under this Act; (5) ensuring that all financial institutions are eligible to participate in the program, without discrimination based on size, geography, form of organization, or the size, type, and number of assets eligible for purchase under this Act; (6) providing financial assistance to financial institutions, including those serving low- and moderate-income populations and other underserved communities, and that have assets less than $1,000,000,000, that were well or adequately capitalized as of June 30, 2008, and that as a result of the devaluation of the preferred government-sponsored enterprises stock will drop one or more capital levels, in a manner sufficient to restore the financial institutions to at least an adequately capitalized level; (7) the need to ensure stability for United States public instrumentalities, such as counties and cities, that may have suffered significant increased costs or losses in the current market turmoil; (8) protecting the retirement security of Americans by purchasing troubled assets held by or on behalf of an eligible retirement plan described in clause (iii), (iv), (v), or (vi) of section 402(c)(8)(B) of the Internal Revenue Code of 1986, except that such authority shall not extend to any compensation arrangements subject to section 409A of such Code; and (9) the utility of purchasing other real estate owned and instruments backed by mortgages on multifamily properties.

22. 2009

    American Recovery and Reinvestment Act of 2009

    Pub. L. 111–5 § 1142(b)(4)(A) · 123 Stat. 115

    1. Redesignated · 26 U.S.C. § 53(d)(1)(B)(iii)

       Pub. L. 111–5, § 1142(b)(4)(A), redesignated cl. (iv) as (iii)

    2. Struck · 26 U.S.C. § 53(d)(1)(B)(iii)

       Pub. L. 111–5, § 1142(b)(4)(A), struck out former cl. (iii). Prior to amendment, text read as follows: “The adjusted net minimum tax for the taxable year shall be increased by the amount of the credit not allowed under section 30 solely by reason of the application of section 30(b)(3)(B).”

    Source evidence

    Code amendment note
    Subsec. (d)(1)(B)(iii). Pub. L. 111–5, § 1142(b)(4)(A), redesignated cl. (iv) as (iii) and struck out former cl. (iii). Prior to amendment, text read as follows: “The adjusted net minimum tax for the taxable year shall be increased by the amount of the credit not allowed under section 30 solely by reason of the application of section 30(b)(3)(B).”

    Enacted provision · exact public law section
    (A) Section 53(d)(1)(B) is amended by striking clause (iii) and redesignating clause (iv) as clause (iii).

23. 2009

    American Recovery and Reinvestment Act of 2009

    Pub. L. 111–5 § 1142(b)(4)(B) · 123 Stat. 115

    Struck · 26 U.S.C. § 53(d)(1)(B)(iii)(II)

    Pub. L. 111–5, § 1142(b)(4)(B), struck out “increased in the manner provided in clause (iii)” before period

    Source evidence

    Code amendment note
    Subsec. (d)(1)(B)(iii)(II). Pub. L. 111–5, § 1142(b)(4)(B), struck out “increased in the manner provided in clause (iii)” before period.

    Enacted provision · exact public law section
    (B) Subclause (II) of section 53(d)(1)(B)(iii), as so redesignated, is amended by striking “increased in the manner provided in clause (iii)”.

24. 2009

    American Recovery and Reinvestment Act of 2009

    Pub. L. 111–5 § 1142(b)(4)(A) · 123 Stat. 115

    Redesignated · 26 U.S.C. § 53(d)(1)(B)(iv)

    Pub. L. 111–5, § 1142(b)(4)(A), redesignated cl. (iv) as (iii)

    Source evidence

    Code amendment note
    Subsec. (d)(1)(B)(iv). Pub. L. 111–5, § 1142(b)(4)(A), redesignated cl. (iv) as (iii).

    Enacted provision · exact public law section
    (A) Section 53(d)(1)(B) is amended by striking clause (iii) and redesignating clause (iv) as clause (iii).

25. 2014

    Tax Technical Corrections Act of 2014

    Pub. L. 113–295 div. A title II § 221(a)(8)(A)(i) · 128 Stat. 4010

    Struck · 26 U.S.C. § 53(e); 26 U.S.C. § 53(f)

    Pub. L. 113–295 struck out subsecs. (e) and (f) which related to special rule for individuals with long-term unused credits and treatment of certain underpayments, interest, and penalties attributable to the treatment of incentive stock options, respectively

    Source evidence

    Code amendment note
    Subsecs. (e), (f). Pub. L. 113–295 struck out subsecs. (e) and (f) which related to special rule for individuals with long-term unused credits and treatment of certain underpayments, interest, and penalties attributable to the treatment of incentive stock options, respectively.

    Enacted provision · exact public law section
    (i) Section 53 is amended by striking subsections (e) and (f).

26. 2017

    Pub. L. 115–97 § 12001(b)(2) · 131 Stat. 2054

    Inserted · 26 U.S.C. § 53(d)(2)

    Pub. L. 115–97, § 12001(b)(2), inserted “, except that in the case of a corporation, the tentative minimum tax shall be treated as zero” before period at end

    Source evidence

    Code amendment note
    Subsec. (d)(2). Pub. L. 115–97, § 12001(b)(2), inserted “, except that in the case of a corporation, the tentative minimum tax shall be treated as zero” before period at end.

    Enacted provision · exact public law section
    (2) Section 53(d)(2) is amended by inserting “, except that in the case of a corporation, the tentative minimum tax shall be treated as zero” before the period at the end.

27. 2017

    Pub. L. 115–97 § 12002(b) · 131 Stat. 2054

    Added · 26 U.S.C. § 53(d)(3)

    Pub. L. 115–97, § 12002(b), added par. (3)

    Source evidence

    Code amendment note
    Subsec. (d)(3). Pub. L. 115–97, § 12002(b), added par. (3).

    Enacted provision · exact public law section
    (b) Treatment of References.— Section 53(d) is amended by adding at the end the following new paragraph: “(3) AMT term references.— In the case of a corporation, any references in this subsection to section 55, 56, or 57 shall be treated as a reference to such section as in effect before the amendments made by Tax Cuts and Jobs Act.” .

28. 2017

    Pub. L. 115–97 § 12002(a) · 131 Stat. 2054

    Added · 26 U.S.C. § 53(e)

    Pub. L. 115–97, § 12002(a), added subsec. (e)

    Source evidence

    Code amendment note
    Subsec. (e). Pub. L. 115–97, § 12002(a), added subsec. (e).

    Enacted provision · exact public law section
    (a) Credits Treated as Refundable.— Section 53 is amended by adding at the end the following new subsection: “(e) Portion of Credit Treated as Refundable.— “(1) In general.— In the case of any taxable year of a corporation beginning in 2018, 2019, 2020, or 2021, the limitation under subsection (c) shall be increased by the AMT refundable credit amount for such year. “(2) AMT refundable credit amount.— For purposes of paragraph (1), the AMT refundable credit amount is an amount equal to 50 percent (100 percent in the case of a taxable year beginning in 2021) of the excess (if any) of— “(A) the minimum tax credit determined under subsection (b) for the taxable year, over “(B) the minimum tax credit allowed under subsection (a) for such year (before the application of this subsection for such year). “(3) Credit refundable.— For purposes of this title (other than this section), the credit allowed by reason of this subsection shall be treated as a credit allowed under subpart C (and not this subpart). “(4) Short taxable years.— In the case of any taxable year of less than 365 days, the AMT refundable credit amount determined under paragraph (2) with respect to such taxable year shall be the amount which bears the same ratio to such amount determined without regard to this paragraph as the number of days in such taxable year bears to 365.” .

29. 2020

    Coronavirus Aid, Relief, and Economic Security Act

    Pub. L. 116–136 § 2305(a)(1) · 134 Stat. 281

    Substituted · 26 U.S.C. § 53(e)(1)

    Pub. L. 116–136, § 2305(a)(1), substituted “2018 or 2019” for “2018, 2019, 2020, or 2021”

    Source evidence

    Code amendment note
    Subsec. (e)(1). Pub. L. 116–136, § 2305(a)(1), substituted “2018 or 2019” for “2018, 2019, 2020, or 2021”.

    Enacted provision · exact public law section
    (1) by striking “2018, 2019, 2020, or 2021” in paragraph (1) and inserting “2018 or 2019”, and

30. 2020

    Coronavirus Aid, Relief, and Economic Security Act

    Pub. L. 116–136 § 2305(a)(2) · 134 Stat. 281

    Substituted · 26 U.S.C. § 53(e)(2)

    Pub. L. 116–136, § 2305(a)(2), substituted “2019” for “2021” in introductory provisions

    Source evidence

    Code amendment note
    Subsec. (e)(2). Pub. L. 116–136, § 2305(a)(2), substituted “2019” for “2021” in introductory provisions.

    Enacted provision · exact public law section
    (2) by striking “2021” in paragraph (2) and inserting “2019”.

31. 2020

    Coronavirus Aid, Relief, and Economic Security Act

    Pub. L. 116–136 § 2305(b)(1) · 134 Stat. 281

    Added · 26 U.S.C. § 53(e)(5)

    Pub. L. 116–136, § 2305(b)(1), added par. (5)

    Source evidence

    Code amendment note
    Subsec. (e)(5). Pub. L. 116–136, § 2305(b)(1), added par. (5).

    Enacted provision · exact public law section
    (1) In general.— Section 53(e) of such Code is amended by adding at the end the following new paragraph: “(5) Special rule.— In the case of a corporation making an election under this paragraph— “(A) paragraph (1) shall not apply, and “(B) subsection (c) shall not apply to the first taxable year of such corporation beginning in 2018.” .

32. 2022

    Pub. L. 117–169 § 10101(e)(2)(A) · 136 Stat. 1818

    Struck · 26 U.S.C. § 53(d)(2)

    Pub. L. 117–169, § 10101(e)(2)(A), struck out “, except that in the case of a corporation, the tentative minimum tax shall be treated as zero” after “section 55(b)”

    Source evidence

    Code amendment note
    Subsec. (d)(2). Pub. L. 117–169, § 10101(e)(2)(A), struck out “, except that in the case of a corporation, the tentative minimum tax shall be treated as zero” after “section 55(b)”.

    Enacted provision · exact public law section
    (A) in paragraph (2), by striking “, except that in the case” and all that follows through “treated as zero”, and

    Effective date note
    Amendment by Pub. L. 117–169 applicable to taxable years beginning after Dec. 31, 2022, see section 10101(f) of Pub. L. 117–169, set out as a note under section 11 of this title.

33. 2022

    Pub. L. 117–169 § 10101(e)(2)(B) · 136 Stat. 1818

    Struck · 26 U.S.C. § 53(d)(3)

    Pub. L. 117–169, § 10101(e)(2)(B), struck out par. (3). Prior to amendment, text read as follows: “In the case of a corporation, any references in this subsection to section 55, 56, or 57 shall be treated as a reference to such section as in effect before the amendments made by Tax Cuts and Jobs Act.”

    Source evidence

    Code amendment note
    Subsec. (d)(3). Pub. L. 117–169, § 10101(e)(2)(B), struck out par. (3). Prior to amendment, text read as follows: “In the case of a corporation, any references in this subsection to section 55, 56, or 57 shall be treated as a reference to such section as in effect before the amendments made by Tax Cuts and Jobs Act.”

    Enacted provision · exact public law section
    (B) by striking paragraph (3).

    Effective date note
    Amendment by Pub. L. 117–169 applicable to taxable years beginning after Dec. 31, 2022, see section 10101(f) of Pub. L. 117–169, set out as a note under section 11 of this title.

34. 2022

    Pub. L. 117–169 § 10101(e)(1) · 136 Stat. 1818

    Amended · 26 U.S.C. § 53(e)

    Pub. L. 117–169, § 10101(e)(1), amended subsec. (e) generally. Prior to amendment, subsec. (e) related to portion of credit treated as refundable

    Source evidence

    Code amendment note
    Subsec. (e). Pub. L. 117–169, § 10101(e)(1), amended subsec. (e) generally. Prior to amendment, subsec. (e) related to portion of credit treated as refundable.

    Enacted provision · exact public law section
    (1) In general.— Section 53(e) is amended to read as follows: “(e) Application to Applicable Corporations.— In the case of a corporation— “(1) subsection (b)(1) shall be applied by substituting ‘the net minimum tax for all prior taxable years beginning after 2022’ for ‘the adjusted net minimum tax imposed for all prior taxable years beginning after 1986’, and “(2) the amount determined under subsection (c)(1) shall be increased by the amount of tax imposed under section 59A for the taxable year.” .

    Effective date note
    Amendment by Pub. L. 117–169 applicable to taxable years beginning after Dec. 31, 2022, see section 10101(f) of Pub. L. 117–169, set out as a note under section 11 of this title.

36 of 36 references resolved to an enrolled provision