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A Taxing Issue

With a tax benefit for U.S. exporters gone, Congress is scrambling to find an alternative.

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This story appears in the November 2003 issue of Entrepreneur. Subscribe »

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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