Congress Revives Legislation to Prevent Abuses of Foreign Tax Credits

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Democrats in the House of Representatives have introduced a bill that includes several provisions to crack down on abuses of foreign tax credits that had been included in H.R. 4213, the ill-fated jobs and "extenders" bill that Senate Republicans successfully blocked. The revenue would be used offset the cost of repealing a reporting requirement for businesses that was included in the health care reform law and which some business owners and lawmakers feel is too burdensome.

Meanwhile, the Senate is scheduled to take up a bill on Monday that would also use these provisions, mainly to help offset the costs of Medicaid funding for states and education funding to prevent teacher layoffs.

See the previous analyses from Citizens for Tax Justice that explain why these provisions to stop abuses of the foreign tax credit are good policy.

Key Provisions in H.R. 4213 Would Prevent Abuses of Foreign Tax Credits

Peter G. Peterson Institute's Misguided Defense of Offshore Tax Loopholes

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