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House Amendment Guts Offshore Tax Provision

Move chops revenue from the proposed 20% excise tax on certain payments to offshore affiliates.

By Lynnley Browning, Erik Wasson and Sahil Kapur, Bloomberg | Updated on November 08, 2017

House Republican tax writers effectively gutted a proposal to tax U.S. companies’ payments to related foreign affiliates, part of a package of late changes on Monday that punched a $74 billion revenue hole in their tax overhaul plan, according to a preliminary estimate from Congress’s Joint Committee on Taxation.

The change leaves House Ways and Means Chairman Kevin Brady searching for new ways to offset the bill’s tax cuts in order to keep the legislation in line with Congress’s 2018 budget resolution and avoid the threat of a Democratic filibuster in the Senate that could kill it.

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