As the House progresses with negotiations on the Reconciliation Bill, releasing a November 3 “manager’s amendment,” new proposals have surfaced (or resurfaced).
In this episode, we describe some of these changes and provide an update on the complex and rapidly evolving legislative landscape. In particular, this episode explores the international aspects of the 15% corporate profits minimum tax proposal and what it could mean for various types of multinational corporations. Which corporations might fall within the crosshairs of this particular provision, and how might they compute a tentative minimum tax? What is Adjusted Financial Statement Income? And, why is a complicated provision like the corporate book minimum tax under consideration?
Our host Gary Scanlon interviews Washington National Tax professionals Jennifer Gray from the KPMG Federal Tax Legislative & Regulatory Services group and Doug Poms (formerly International Tax Counsel, or ITC, in the Office of Tax Policy at the Treasury Department) from the International Tax group to find out what’s in this proposal and what we may expect to see on the legislative horizon.