INVESTMENT INCENTIVES UNDER THE ALTERNATIVE MINIMUM TAX

Andrew B. Lyon

37 citations0/0 files storedNational Tax Journal

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Corporate Taxation and Avoidance Corporate Finance and Governance Economic and Fiscal Studies

Abstract

This paper develops a model of the cost of capital for firms anticipating Alternative Minimum Tax (AMT) liability. The cost of capital for firms subject to the AMT can be either higher or lower than for firms permanently subject to the regular tax system. The cost of capital under the AMT is shown to vary widely, depending on the duration a firm is subject to the AMT, whether the firm is currently subject to the AMT or will be subject to the AMT at some future date, and the source of financing for the investment.

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References

1967Tax Policy and Investment Behavior 2001Taxation and Corporate Financial Policy 1983Corporate Taxation in the United States 1988Is There a Corporate Debt Crisis?1982EFFECTS OF THE 1981 DEPRECIATION REVISIONS ON THE TAXATION OF INCOME FROM BUSINESS CAPITAL 1981Pitfalls in the Construction and Use of Effective Tax Rates 1987The Tax Reform Act of 1986 and the Cost of Capital

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2000The Importance of Measurement Error in the Cost of Capital 2000The Importance of Measurement Error in the Cost of Capital 2008The Effects of Differential Taxation on Managerial Effort and Risk Taking

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