26 U.S.C. § 53: Credit for prior year minimum tax liability

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. the adjusted net minimum tax imposed for all prior taxable years beginning after 1986, over the amount allowable as a credit under subsection (a) for such prior taxable years. 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 the tentative minimum tax for the taxable year. The term “net minimum tax” means the tax imposed by section 55. the amount of the net minimum tax for such taxable year, reduced by 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). the adjustments provided for in subsection (b)(1) of section 56, and the items of tax preference described in paragraphs (1), (5), and (7) of section 57(a). the preceding provisions of this subparagraph shall not apply, and the adjusted net minimum tax for any taxable year is the amount of the net minimum tax for such year. The term “tentative minimum tax” has the meaning given to such term by section 55(b). 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 the amount determined under subsection (c)(1) shall be increased by the amount of tax imposed under section 59A for the taxable year. The amendments made by this section [amending this section and section 1374 of this title ] shall apply to taxable years beginning after December 31, 2017 . The amendment made by subsection (c) [amending section 1374 of this title ] shall apply to taxable years beginning after December 31, 2021 .” Except as provided in paragraph (2), the amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 2007 . Section 53(f)(1), as added by subsection (b), shall take effect on the date of the enactment of this Act [ Oct. 3, 2008 ].” For purposes of the Internal Revenue Code of 1986, a credit or refund for which an application described in paragraph (2)(A) is filed shall be treated as made under section 6411 of such Code. be verified in the same manner as an application under section 6411(a) of such Code, be filed prior to December 31, 2020 , and the amount of the refundable credit claimed under section 53(e) of such Code for such taxable year, the amount of the refundable credit claimed under such section for any previously filed return for such taxable year, and the amount of the refund claimed. review the application, determine the amount of the overpayment, and apply, credit, or refund such overpayment, The provisions of section 6411(c) of the Internal Revenue Code of 1986 Code shall apply to an adjustment under this paragraph to the same extent and manner as the Secretary of the Treasury (or the Secretary’s delegate) may provide.”