U.S. Chamber Suggests Suspending Parts of Tax Law Amid Virus

March 18, 2020, 6:17 PM

U.S. Chamber of Commerce is recommending that Congress temporarily suspend portions of President Trump’s tax law to give companies more flexibility to cope during the coronavirus pandemic, according to a letter sent to congressional leaders Wednesday.

  • Business lobby asks Congress to suspend two new taxes included in the 2017 laws that put levies on offshore profits
  • Also requests that companies can write-off more interest payments on loans
    • Tax law limited those deductions
  • And companies required to pay taxes on offshore accumulated profits should also be addressed, letter says
  • NOTE: Lawmakers are considering a large fiscal stimulus bill that would ...

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