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Expert Analysis

The Tax Man Cometh For Insurance Cos. In Latest Budget

Law360, New York (February 10, 2015, 3:17 PM EST) -- On Feb. 2, the Obama administration released its fiscal year 2016 budget. The hallmarks of the budget are proposals that would impose: (1) a minimum tax on the current foreign earnings of U.S. corporations and their controlled foreign corporations and (2) a one-time 14 percent tax on earnings accumulated in controlled foreign corporations and not previously subject to U.S. tax. Furthermore, in keeping with the Obama administration's past budgets, the fiscal year 2016 budget includes several proposals that target insurance companies or that otherwise would have a direct effect on them. Specifically, those proposals would:...

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