On March 9th, the Biden Administration submitted its fiscal year 2024 budget recommendation to Congress, primarily recycling or tweaking previously defeated proposals to increase taxes on corporations and wealthy individuals and ensure large multinational companies pay a minimum tax in the jurisdictions in which they operate.

Recent IRS guidance implementing the corporate alternative minimum tax could wreak havoc on planning for financially distressed companies.

This morning, House Democrats on the Ways and Means Committee circulated a discussion draft of legislative text which were the first signs of what they are considering including within their reconciliation package.