The Internal Revenue Service released regulations (REG-104464-18) instructing corporate America on how they can qualify for a tax break on their exports.
- The rules address a new deduction included in President Donald Trump’s tax overhaul known as the write-off for foreign-derived intangible income, or FDII.
- The deduction allows companies to reduce the tax they pay on income they earn from selling overseas to about 13 percent from 21 percent.
- The tax break was included in the 2017 tax overhaul as a way to prod companies to produce things in the U.S.
©2019 Bloomberg L.P. All rights reserved. Used with permission