Book tax presents more accounting headache for insurers than financial impact
A new corporate alternative minimum tax (CAMT) on book income coming into effect in 2023 has the potential to impact the US insurance industry, but it likely presents more of an administrative than financial burden for most.
The tax is designed to assure that large US companies pay a minimum of 15% tax on their adjusted financial statement income (AFSI), and is refundable in years in which effective tax rates exceed the 15% threshold, effectively making...
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