Initial analysis of provisions contained in amended US tax bill

Legislation before the US House includes measures to be imposed on certain foreign corporations and individuals if their home jurisdiction has adopted taxes deemed to be discriminatory or extraterritorial, including the undertaxed profits rule of Pillar Two, digital services taxes and diverted profits taxes.

The Chairman of the United States (US) House Committee on Ways and Means Jason Smith, has introduced an amended version of his tax bill intended to prevent expiration of many tax cuts originally enacted in the Tax Cuts and Jobs Act (TCJA) of 2017. The bill was supplemented with a technical explanation (JCX-21-25) and revenue estimate (JCX-22-25R) from the Joint Committee on Taxation (JCT). Extensions of current law The Ways and Means legislation would generally make permanent the expiring ...

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Authors: John Gimigliano

Published Date: 14 May 2025