According to a study conducted by the University of North Carolina Tax Center, the new 15% corporate minimum tax would affect nearly 80 companies, with Berkshire Hathaway Inc NYSE: BRK-B and Amazon.com, Inc. AMZN paying up the most.
The tax, which would have raised approximately $31.8 billion, would have risen if the minimum tax was applied to 2021, according to the estimated payout.
The estimated payout by Berkshire would have been over $8.3 billion, while that of Amazon.com, Inc. stood at over $2.7 billion, the study said.
In August, President Joe Biden signed the minimum book tax along with the rest of the Inflation Reduction Act. The tax is intended to target companies earning over $1 billion a year.
The next highest taxes would be paid by Ford Motor Company F, AT&T Inc. T and eBay Inc. EBAY, with each company owing more than $1.2 billion in 2021, according to the study.
The Joint Committee on Taxation had earlier estimated that the minimum corporate tax law would affect around 150 firms, with the costs falling specifically on the manufacturing industry, according to the CNBC report. The JCT estimated $34 billion in revenue in the first year of the tax, slightly higher than the 2021 revenue estimated at UNC.