House Lawmakers Call for Extension of Foreign Tax Credit Relief

Nov. 13, 2023, 7:43 PM UTC

Democrat and Republican House lawmakers are asking for an additional pause on newer, more stringent foreign tax credit rules, a move the IRS already hinted may be coming.

“Extending the relief period for at least one year will give taxpayers necessary assurance and Treasury enough time to analyze thoroughly the issues related to the 2022 FTC final regulations,” said the letter authored by Reps. Kevin Hern (R-Okla.) and Brad Schneider (D-Ill.).

  • A July IRS notice said companies can continue relying on old rules on the foreign tax credit for tax years 2022 and 2023, instead of new ones issued in ...

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