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A Taxing Issue

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

By Stephen Barlas •

Opinions expressed by Entrepreneur contributors are their own.

The threat of European Union trade sanctions has sparkedcongressional competition to cut taxes for companies that would behurt by the loss of the extraterritorial income (ETI) regime, a taxcut for U.S. exporters the World Trade Organization recently ruledillegal.

Rep. Bill Thomas (R-CA), chairman of the House Ways and MeansCommittee, is pushing a wide-ranging bill (H.R. 2896) withsomething for businesses of every size and shape. The No. 2Republican on Ways and Means, Rep. Phil Crane (R-IL), has joinedwith Rep. Donald Manzullo (R-IL), chairman of the House SmallBusiness Committee, to introduce a rival bill more narrowly focusedon helping U.S. companies that have enjoyed the tax benefits of theETI regime.

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