The Inflation Reduction Act (IRA) was enacted on August 16, 2022, and included a new corporate alternative minimum tax (CAMT). IRA and the CAMT are effective for tax years beginning after 2022.
INT 22-02 states that because of the timing of the adoption of IRA and the considerable number of unknown variables for September 30, 2022 reporting, a reasonable estimate is not determinable for Q3 2022 interim financial statements for the calculations impacted by the CAMT. As such, it proposes that insurers would not recognize impacts related to CAMT in Q3 statutory financial statements.
However, it would require insurers to disclose:
Comments were due October 14, 2022.
INT 22-03 states that insurers that are aware they will be subject to CAMT, and are able to reasonably estimate the amount, would report the effect of the calculations in their 2022 year-end and 2023 interim statutory financial statements.
INT 22-03 also requires:
Comments are due October 28, 2022.
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