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August 5, 2022

Washington Dispatch for July 2022

The latest edition of Ernst & Young's Washington Dispatch is attached below. Prepared by Ernst & Young's International Tax and Transaction Services group, this monthly newsletter summarizes recent developments in US international taxation. Highlights of this month's edition include:


  • Manchin reach agreement on $740b budget reconciliation bill with 15% corporate minimum tax
  • US Congress passes Creating Helpful Incentives to Produce Semiconductors (CHIPS) bill with investment tax credits and incentives

IRS news

  • Treasury and IRS publish technical corrections to final foreign tax credit regulations
  • IRS proposed regulations would limit Section 1256 mark-to-market accounting for foreign currency contracts to foreign currency forward contracts
  • US Treasury announces termination of tax treaty with Hungary

OECD Developments

  • OECD releases Progress Report on Amount A of Pillar One of BEPS 2.0 project
  • G20 Finance Ministers reiterate commitment to BEPS 2.0 two-pillar implementation and call for action to finalize work


Washington Dispatch for July 2022