Deloitte International Tax: Legislative Resource Center |
On February 14, 2011, the Obama Administration released its fiscal year (FY) 2012 Budget. When compared to the FY2011 Budget the FY2012 Budget international tax proposals are substantially similar, with the exception of those proposals that were enacted in the past year. The FY2011 proposal included significant international tax reform proposals, tax increases for upper-income individuals and corporations, an end to tax preferences for fossil fuel companies, and addressing other corporate transactions. Additionally, the Budget contains a proposal to extend expiring provisions, including a one-year extension of §954(c)(6) and §954(h) (controlled foreign corporation look-through and active financing exceptions, respectively) through December 31, 2012. The Treasury Department estimates that the international tax proposals in the 2012 Budget will raise USD 130 billion over 10 years.
As these proposed tax provisions undergo congressional scrutiny and public debate, Deloitte Tax will track developments and provide ongoing analysis to keep you informed and up to date. We invite you to bookmark our Resource Center page to keep abreast of new developments and we encourage you to contact our tax service professionals if you wish to discuss the potential impact of these provisions on your business.
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- October 27, 2011 – Representative Camp releases draft bill rewriting the U.S. tax rules on foreign income of U.S. multinationals
- September 26, 2011 – White House releases draft statutory language on growth plan
- September 20, 2011 – President submits deficit reduction plan to supercommittee
- September 13, 2011 – White House releases details of Jobs Act
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- Resetting the Code: Issues in Corporate Tax Reform ― Read about the choices Congress will confront in reforming the tax code, how corporate taxpayers can anticipate reform, navigate the transition, and thrive post-reform.
- The Gathering Storm - Tax & Spending Implications of the Federal Deficit Crisis ― This publication explores the role tax policy may play as the nation addresses debt and deficit challenges. Examines possible spending components of a deficit reduction plan and discusses options to reform tax laws to increase revenue through existing income taxes or from alternative sources.
- Changing the Rules - Multinational Tax Hikes Pay for Spending Priorities ― This report examines the impact of the new tax provisions on multinational taxpayers and considers how this shift in the pay-as-you-go budgeting calculus could affect revenue-raising risks for the business community going forward.
- Staying in Place: Congress Extends the Bush Tax Cuts ― This report looks at the provisions in the legislation and what taxpayers can do now to take advantage of the significant tax planning opportunities it presents.
The Joint Committee on Taxation
U.S. Treasury Publication
- General Explanations of the Administration’s FY 2012 Revenue Proposals (the “Greenbook”).
The Treasury released the Greenbook, providing descriptions of international tax proposals, announced by the President on February 14. - General Explanations of the Administration’s FY 2011 Revenue Proposals (the “Greenbook”) and a table comparing the revenue raised in the FY 2010 and FY 2011 budgets.
The Treasury released the Greenbook, providing details with respect to the two new international tax proposals and one eliminated, announced by the President on February 1. - General Explanations of the Administration's FY 2010 Revenue Proposals (the “Greenbook”)
The Treasury released the Greenbook on May 11, providing details with respect to the international tax proposals announced by the President on May 4. Among other things, the Green Book describes seven international tax proposals that were not announced on May 4.
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