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U.S., OECD Working to Clarify Credits’ Minimum Tax Treatment (1)

May 5, 2022, 7:38 PMUpdated: May 5, 2022, 9:48 PM

The U.S. Treasury has been working with the OECD to clarify the treatment of credits under the globally agreed minimum tax, a department official said Thursday.

“We’re confident that the value of many of our general business credits is preserved under the OECD rules,” Lily Batchelder, Treasury Assistant Secretary for Tax Policy, told a D.C. Bar event. “And we’ve established a process with the OECD for working towards additional clarifications.”

The treatment of credits has been a major source of anxiety for businesses since the Organization for Economic Cooperation and Development late last year published model rules for the 15% ...