Tax Law’s Export Deduction Rules Closer to Release

Proposed rules on a tax break for exporters are under review at a White House office.

The Office of Management and Budget’s Office of Information and Regulatory Affairs began reviewing the guidance on Dec. 14, according to its website. It has up to 45 days to review the rules before it will send them back to the Treasury Department and Internal Revenue Service for release.

The deduction for what is called foreign-derived intangible income was created by the 2017 tax overhaul under tax code Section 250. The provision is meant to encourage corporations to make things in the ...