An article in New York magazine indicates that
While Republicans were manically outlining their plans to take from the poor to give to the Trumps, they also, accidentally, nullified all of their corporate donors’ favorite deductions.
Specifically, it notes that
The GOP had originally intended to abolish the [Alternative Minimum Tax]. But on Friday, with the clock running out — and money running short — Senate Republicans put the AMT back into their bill. Unfortunately for McConnell, they forgot to lower the AMT after doing so.
This is a big problem. The Senate bill brings the normal corporate rate down to 20 percent — while leaving the alternative minimum rate at … 20 percent. The legislation would still allow corporations to claim a wide variety of tax credits and deductions — it just renders all them completely worthless. Companies can either take no deductions, and pay a 20 percent rate — or take lots of deductions … and pay a 20 percent rate.
(Emphasis from the original)
This is followed by a quote from a Wall Street Journal article, which itself includes quotes from business people, indicating that this is a major mistake and a big problem.
The article concludes by describing two major problems with the bill in this state:
First and foremost, it means the Senate will almost certainly have to vote on a tax bill again before one goes into law. Previously, it looked as though Paul Ryan had enough votes in the House to pass the Senate bill as is.
The second implication is that McConnell is going to need new revenue. In all probability, Republicans are going to drop the alternative-minimum tax rate well below 20 percent. That will put the bill’s price tag over $1.5 trillion.
So my question is, basically, is this reporting accurate? I haven’t seen this reported elsewhere, so I’m not exactly sure what to make of it. New York magazine certainly tries to make it seem like a pretty big deal, but the lack of other sources reporting it may indicate that they are either misinterpreting what took place, or overstating its significance.