Treasury Limited In Offering Foreign Tax Credit Relief
Law360 (November 30, 2018, 9:50 PM EST) -- The U.S. Department of the Treasury’s proposed rules on foreign tax credits are an attempt to provide relief to U.S. multinationals facing additional tax after 2017’s federal overhaul, but the guidance’s lukewarm breaks for companies show the perceived limits of regulatory power.
Comments made in a House-Senate conference report on the Tax Cuts and Jobs Act shortly before its passage are being taken by critics as an indication of Congress’ intentions on the act’s international provisions. (AP) Treasury on Wednesday issued 312 pages of proposed rules that address what companies claim is a mistaken intersection of the law’s new and complex international provisions created...
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