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September 13, 2021

Weekend sees tax reform activity - legislative text expected today

This weekend saw some activity related to tax reform, leading up to what is expected to be today's release of the House Ways & Means Committee Build Back Better Act resolution bill. Yesterday, a preview document of potential tax proposals that could be part of that legislation began circulating in Washington. The document outlines several tax changes, including increasing the top corporate tax rate to 26.5%, changing the GILTI rate to about 16.5%, reducing the foreign tax credit GILTI haircut under current law to 5% and calculating GILTI on a country-by-country basis. A Tax Alert from WCEY has details. Also this weekend, one portion of legislative text on the tax changes related to infrastructure pricing, green energy, the social safety net, and prescription drug pricing was released. A chart from WCEY has details. 

Join us for a webcast September 20 at 1 p.m. ET for a discussion of the proposed international tax changes and what multinationals can do to prepare. Register.