Daily Tax Report ®

Corporations Get Leniency in Made-in-America Export Tax Break (1)

March 4, 2019, 9:59 PMUpdated: March 4, 2019, 11:53 PM

New IRS regulations issued March 4 make it easier for companies to claim a tax break for exporting their made-in-America goods and services.

The release of the regulations give corporations a first look at what they need to do to claim a new deduction in the 2017 tax overhaul, which could lower their export income tax to about 13 percent from 21 percent.

From airlines to defense companies, the Internal Revenue Service clarified that those industries can claim a sizable deduction for the income they earn from selling goods and services made in the United States overseas.

The deduction for...

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