The US IRS released Notice 2024-66, on 12 September 2024, which provides relief from the addition to tax under section 6655 of the Internal Revenue Code (Code) for underpayment of estimated income tax by a corporation to the extent the amount of any underpayment is attributable to the corporation’s corporate alternative minimum tax (CAMT) liability under section 55, as amended by section 10101 of Public Law 117-169, 136 Stat. 1818 (16 August 2022), commonly called the Inflation Reduction Act of 2022 (IRA).

This notice is issued in conjunction with the release of Notice 2024-33 and Notice 2024-47, which previously offered a waiver of the tax addition under section 6655 for the underpayment of the estimated income tax for the first and second quarterly instalments of 2024.

The relief provided in this notice applies for the purpose of calculating any instalment of estimated income tax of a corporate taxpayer with respect to a taxable year that begins after 31 December 2023, and before 1 January 2025 (Covered CAMT Year).

This notice waives any addition to tax under section 6655 with respect to a corporation’s CAMT liability under section 55 for any Covered CAMT Year.