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OECD to Address Refundable Tax Credits: Treasury Official (1)

May 13, 2022, 3:12 PMUpdated: May 13, 2022, 4:54 PM

The OECD will have more to say on what constitutes a “refundable” tax credit for purposes of determining how credits are treated under the global tax agreement’s minimum tax, a Treasury Department official said Friday.

“There will be additional guidance about the definition of qualified refundable tax credits,” said Isaac Wood, an attorney-advisor in Treasury’s Office of Tax Policy, speaking at a conference hosted by the American Bar Association’s Tax Section.

  • Companies have voiced concerns that the OECD agreement’s 15% global minimum tax could effectively erase the benefits of U.S. tax credits and other incentives that take a company’s ...