A Taxing Issue
With a tax benefit for U.S. exporters gone, Congress is scrambling to find an alternative.
The threat of European Union trade sanctions has sparked congressional competition to cut taxes for companies that would be hurt by the loss of the extraterritorial income (ETI) regime, a tax cut for U.S. exporters the World Trade Organization recently ruled illegal.
Rep. Bill Thomas (R-CA), chairman of the House Ways and Means Committee, is pushing a wide-ranging bill (H.R. 2896) with something for businesses of every size and shape. The No. 2 Republican on Ways and Means, Rep. Phil Crane (R-IL), has joined with Rep. Donald Manzullo (R-IL), chairman of the House Small Business Committee, to introduce a rival bill more narrowly focused on helping U.S. companies that have enjoyed the tax benefits of the ETI regime.
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