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US To Close Foreign Tax Credit Loopholes, by Mike Godfrey, Tax-News.com, Washington
Monday, August 02, 2010
A package of legislative proposals designed to tighten US foreign tax credit
rules has been introduced in the House of Representatives as part of a bill
to extend certain Recovery Act provisions.
House Ways and Means Committee Chairman Sander M. Levin announced that the bill,
known as the Investing in America and Closing Tax Loopholes Act of 2010, is part
of the Democrats' agenda to stop companies from "shipping jobs overseas"
and exploiting loopholes in the international tax rules that help them to skirt
their US tax obligations.
“This legislation reaffirms our commitment to creating jobs in America
and closing loopholes that encourage companies to ship jobs and investments
overseas,” Levin said.
The bill includes a package of provisions developed jointly by the Treasury
Department, the Committee on Ways and Means and the Senate Finance Committee,
and, according to a summary of the bill, would "curtail abuses of the US
foreign tax credit system and other targeted abuses."
"This system is intended to ensure that US-based multinational companies
are not subject to double taxation," stated the summary of the legislative
text. "However, taxpayers have taken advantage of the US foreign tax
credit system to reduce the US tax due on completely unrelated foreign income
in a manner that has nothing to do with eliminating double taxation."
It is estimated that the loophole closers will raise an additional USD11.6bn
in revenues.
The proposed legislation, supposedly revenue neutral, would also extend for
one year the Emergency Fund for Job Creation and Assistance program which currently
helps states meet increased need for assistance among low-income families and
establish or expand jobs programs.
The bill also proposes to extend for two years the Build America Bonds program
which has helped finance more than USD106bn in domestic infrastructure improvements,
according to the Ways and Means Committee.
"Experts have deemed these bonds, which helped support nearly two million
jobs, to be one of the most successful recovery efforts in place," Levin
said.
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