In an interview following July 12, 2018 speech to The Economic Club of Washington, D.C., House Speaker Paul Ryan (R-WI) said an international-focused tax technical corrections bill can be expected following the November elections, and made clear it would be separate from the Tax Reform 2.0 bill.

"We always knew when you switch from a worldwide to a territorial system and redo everything else, you are going to have glitches, you are going to have issues," Ryan said. "We're compiling those issues, typically on the international side, and then we intend to put together a technical correction bill at the end of the year."

Ryan said the bill must wait until after the elections, when Democrats may be willing to support the effort. "There is no way they are going to do anything to help us with this prior to the election," he said.

The Speaker said Republicans also want to roll out a Tax Reform 2.0 bill to make the new tax system even better, and that will be in addition to a technical corrections bill.

Ways and Means Committee Chairman Kevin Brady (R-TX) made similar comments when asked by host Maria Bartiromo on FOX Business Network June 29 about concerns that the Tax Cut and Jobs Act provisions on Global Intangible Low-Taxed Income (GILTI) and the Base Erosion Anti-Abuse Tax (BEAT) have "muddied the waters" in terms of the level of international taxation.

"Yes, so not unexpected. We threw major changes at the international side," Chairman Brady said. "We didn't have as much time to model them, analyze it, interact it as we — now that we're getting that feedback, we're going to be making those changes, fine tuning the international side to make sure it hits the mark."

Asked whether the changes would be part of the Phase 2 tax bill, Chairman Brady said, "Beyond that."

Speaker Ryan's remarks are available here.

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