The American Bankers Association today joined a coalition of associations in voicing support for legislation to make permanent tax reforms that help U.S. companies compete against foreign firms.
The International Competition for American Jobs Act (S. 1605) by Sen. Thom Tillis (R-N.C.) would permanently extend the controlled foreign corporation look-through rule and preserve current deductions for foreign-derived intangible income, or FDII, and global intangible low-taxed income, among other changes. It would also limit the extent to which a company’s domestic interest expense or an increase in its capital investment in the U.S. reduces the company’s FDII benefit.
“Each of the proposed changes would contribute to economic growth and job creation while offering certainty and clarity for long-term business planning,” the Promote America’s Competitive Economy, or PACE, coalition said in a letter to Tillis. “Collectively, enacting these changes would signal Congress’ clear commitment to fostering an environment in which American companies grow and strengthen the domestic U.S. economy while competing and leading globally.”
