Foreign Tax Credit Crackdown Seen as Possible Offset for Extenders Bill

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House Ways and Means Committee member Van Hollen says lawmakers are looking at taxation of carried interest and a crackdown on misuse of the foreign tax credit as ways to pay for legislation to extend expired tax provisions. “We are determined to get this done,” Van Hollen says at a Baker & Hostetler seminar. Ways and Means Chairman Levin says finalizing the tax extenders bill—which he calls a “jobs bill”—and a small business tax bill (H.R. 4849) are his top priorities for the remaining three weeks before the Memorial Day recess.