Proposed regulations were published in the Federal Register on September 13, 2024, providing guidance on the application of the corporate alternate minimum tax (CAMT), as added to the Internal Revenue Code by the enactment of Section 10101 of Public Law 117-169, 136 Stat.1818, 1818- 1828 (August 16, 2022), commonly referred to as the Inflation Reduction Act of 2022. The IRS and Treasury solicited and received public comments on the proposed rules and held a public hearing on January 16, 2025. Based on the comments received, the IRS and Treasury issued notices providing additional guidance and announcing their intention to withdraw portions of the proposed rules and issue new proposed rules. Section 70523 of the One, Big, Beautiful Bill Act, Pub. L. 119-21, 139 Stat. 72 (July 4, 2025), adds a new section 56A(c)(13) adjustment for intangible drilling and development costs effective for taxable years beginning after December 31, 2025.