Brighthouse Financial Inc

On August 16, 2022, the Inflation Reduction Act was signed into law by President Biden. The Inflation Reduction Act establishes a 15% corporate alternative minimum tax (the “CAMT”) for corporations whose average annual adjusted financial statement income for any consecutive three–tax year period ending after December 31, 2021 and preceding the tax year exceeds $1.0 billion. Based on guidance issued by the U.S. Department of Treasury (the “U.S. Treasury”) and the Internal Revenue Service (“IRS”) to date, the Company was not subject to the CAMT for the year ended December 31, 2023 and does not currently expect to be subject to the CAMT for the year ended December 31, 2024. However, the Company will continue to assess the applicability of the CAMT on an annual basis and may be subject to the CAMT in future years.

On September 12, 2024, the IRS and the U.S. Treasury issued proposed regulations which are generally effective for years ending after the date of the proposed regulations. The proposed regulations are subject to uncertain application and there can be no assurance that final regulations will be adopted in their currently proposed form. The Company is currently assessing the impact of the proposed regulations, including the impact on the applicability of the CAMT.

In addition, the Inflation Reduction Act also establishes a one percent excise tax on stock repurchases made by publicly-traded U.S. corporations.