This bill amends the Internal Revenue Code of 1986 to modify how adjusted financial statement income is calculated for the corporate alternative minimum tax. Specifically, it allows for a reduction in this income by certain repair and maintenance deductions related to public utility property. The legislation introduces " applicable public utility repair and maintenance deductions ," which are expenditures incurred by a taxpayer for specific public utility property and are treated as a depreciation expense on the company's financial statement. By permitting these deductions, the bill aims to align the tax treatment of these costs with their financial statement accounting. These changes will apply to taxable years beginning after December 31, 2024.