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Legislation to tighten the rules on foreign tax credits used by U.S. multinational corporations to lower their domestic tax bill moves one step closer to becoming law, over the objections of business groups that say it will impede their ability to compete worldwide. After receiving a 61-39 vote in the Senate, the legislation (H.R. 1586) heads to the House, which will break from its summer recess Aug. 10 to vote on the measure and send it to President Obama, who is expected to sign it into law. The crux of the offsets is language that would impose a new limitation on the amount of foreign taxes deemed paid with respect to tax code Section 956 inclusion and deny 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. Senate Democratic leaders say they now expect to have the votes needed to pass legislation providing about $12 billion in tax breaks for small businesses, but time has run out to act on the bill ahead of the August recess.
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