Revised Tax Bill Would Help Private Equity Firms, Multinationals (1)

The House’s revised lame-duck tax bill would provide relief to some multinationals and private equity firms facing additional taxes on offshore earnings because of the 2017 tax law.

An apparent glitch in the law could subject certain U.S. taxpayers to tax on the offshore earnings of foreign entities even though those taxpayers don’t control the entities generating the earnings. The conference report on the law appears to suggest this result wasn’t lawmakers’ intent.

A tax package (amendment to H.R. 88) released by House Ways and Means Committee Chairman Kevin Brady (R-Texas) Dec. 10—a revision of a ...