US corporate alternative minimum tax should be removed: House Republican

US corporate alternative minimum tax should be removed: House Republican

The alternative minimum tax on corporations, which had been included in the U.S. Senate's tax bill, should be eliminated in the final legislation, Kevin McCarthy, the No. 2 Republican in the House of Representatives, said on Monday.

FILE PHOTO: House Majority Leader Rep. Kevin McCarthy (R-CA) speaks at a news conference at the Republican National Committee Building in Washington, D.C., U.S. May 17, 2017. REUTERS/Aaron P. Bernstein/File Photo

WASHINGTON: The alternative minimum tax on corporations, which had been included in the U.S. Senate's tax bill, should be eliminated in the final legislation, Kevin McCarthy, the No. 2 Republican in the House of Representatives, said on Monday.

"I think that has to be eliminated because that would destroy R&D," McCarthy said in an interview with CNBC. " ... Especially when you look at California, the engine that actually creates from a lot of entrepreneurs and others, that should be eliminated for sure."

(Reporting by Makini Brice; Editing by Lisa Von Ahn)

Source: Reuters

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