White House Begins Review of Made-In-America Tax Break

Final rules concerning a tax deduction for companies that manufacture goods in the United States and sell them abroad are now under White House review.

The foreign-derived intangible income deduction under tax code Section 250 is meant to offset a tax on a new category of foreign income—global intangible low-taxed income—and encourage companies to manufacture domestically.

• The final rules will tell companies how to document the sale of their goods overseas in order to qualify for the deduction.
• The March 2018 proposed rules (REG-104464-18) came under fire for including documentation requirements that companies said couldn’t be fulfilled ...