Senate Democrats released draft legislation overhauling portions of the U.S. international tax regime as part of their $3.5 trillion tax and spending package implementing the bulk of the Biden Administration’s economic plans.
The discussion draft of the legislation released by Senate Finance Chairman Ron Wyden (D-Ore.) and committee members Sherrod Brown (D-Ohio) and Mark Warner (D-Va.) includes a number of changes to tax rules on global intangible low-taxed income, Subpart F, the foreign tax credit, Section 250 deduction on foreign-derived intangible income, and base erosion and anti-abuse tax rules.
The draft legislation reflects a number of proposals included in the ...
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