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08 November 2018

Foreign tax credit regulations are latest guidance sent to OMB for review

Proposed foreign tax credit regulations under the Tax Cuts and Jobs Act (TCJA) were sent to the Office of Management and Budget (OMB) November 8, 2018, for review, the latest in a spate of regulatory projects that may be set for release soon.

On Monday, November 6, proposed regulations concerning the base-erosion and anti-abuse tax (BEAT) under Section 59A were sent to OMB for review. Rules regarding the limitation on the deductibility of business interest under Section 163(j) were listed as under review by OMB on October 25.

With all three projects under review, it is possible the regulations could be released before Thanksgiving, which would be consistent with comments Treasury officials have made about timing.

Regulations under review by OMB are listed here.

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Document ID: 2018-2241

 

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