A bill to amend the Internal Revenue Code of 1954 to provide for an alternative corporate minimum tax in lieu of the present additional corporate minimum tax, to provide a method of reducing corporate tax rates by the amount of such tax, and for other purposes.

Amends the Internal Revenue Code to revise the method of calculating the alternative minimum tax on corporations. Sets the rate of such tax at 15 percent of the corporate alternative minimum taxable income exceeding $100,000. Provides that such tax shall be imposed only if the amount of such tax is greater than regular tax liability and shall be in lieu of regular tax.

Defines "corporate alternative minimum taxable income" as taxable income: (1) reduced by the corporate alternative minimum tax net operating loss deduction; and (2) increased by the amount of alternative minimum tax preference items.

Specifies the tax preference items for purposes of the alternative minimum tax on corporations as: (1) accelerated depreciation of real property; (2) mining exploration and development costs; (3) reserves for losses on bad debts of financial institutions; (4) depletion; (5) intangible drilling costs; (6) accelerated cost recovery deductions; (7) amortization of pollution control facilities; (8) certain research and experimental expenditures; (9) construction period carrying charges; (10) trade name and trademark expenditures; (11) circulation expenditures; (12) certain organizational expenditures; (13) completed contract method of accounting; (14) certain interest expenses; (15) exempt foreign trade income; (16) certain life insurance company deductions; and (17) certain shipping income.

Revises the method of calculating the minimum tax net operating loss deduction. Disallows any income tax credits to be taken against the corporate alternative minimum tax except the foreign tax credit.

Requires the Secretary of the Treasury to prescribe corporate tax rates designed to reduce regular tax rates by an amount equal to revenues raised by the alternative minimum tax on corporations.