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President Obama signs legislation (H.R. 1586) that makes a handful of changes to the foreign tax credit as a way to help pay for a temporary increase in funding for Medicaid and education. The signing of the Education Jobs and Medicaid Assistance Act of 2010 follows House passage of the measure after a partisan debate in which Democrats defended the legislation as necessary to keep civil servants on the job, and Republicans called it another bailout rife with tax increases. The legislation imposes a new limitation on the amount of foreign taxes deemed paid with respect to tax code Section 956 inclusion, and denies the use of foreign tax credits in cases in which foreign income is not subject to U.S. taxation by reason of covered asset acquisitions.
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