The ITPF News Blog is managed by the students at the University of Florida Levin College of Law International Tax LLM Program.
By Siri Bulusu and Kaustuv Basu
A proposal to eliminate a tax benefit for multinationals to help pay for a Covid stimulus package may be a sign that Congress is ready to target other such benefits. Congress wants to revoke the tax break—which came into effect this year after first being introduced in 2004—to help pay for a $1.9 trillion stimulus package (H. R. 133) aimed at additional Covid relief. Without the benefit, multinationals would lose an election that shields them from losing foreign tax credits if they have debt in the U.S.
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