The U.S. Chamber of Commerce urges the Treasury Department to give corporations that overpaid taxes on offshore profits more flexibility in how to use those refunds.
The Internal Revenue Service said earlier this month that it won't rebate excess payments or credit them toward tax bills not tied to repatriation, such as annual bills for corporate income.
“This guidance places taxpayers who are in an overpayment position at a competitive disadvantage to taxpayers who are in an underpayment position,” says a letter sent to Treasury on Tuesday.
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