House Republicans Seek Delay in New Foreign Tax Credit Rules (1)

House Republicans are again urging the Treasury Department to delay implementing new foreign tax credit regulations, saying the department has yet to be clear enough in telling companies how the new rules should be applied.

Treasury hasn’t done enough to detail for companies which taxes are eligible for the foreign tax credit and which aren’t, the 18 Republicans on the House Ways and Means Committee said in a letter dated Thursday to Treasury Secretary Janet Yellen. The lack of clarity and a tight time frame for implementation have placed “undue burdens” on companies, the Republicans said, and ...