Law360 Quotes Greg Kidder on Foreign Tax Credits Under Senate Tax Bill

November 17, 2017

Law360 quoted Greg Kidder in a November 16 article titled “Foreign Credits at Risk in Senate Tax Bill, Analysts Say.” The article explains why a provision in the Senate’s version of the Tax Cuts and Jobs Act requiring US multinationals to calculate their foreign tax credits on an annual basis means companies could end up with unusable leftover credits and bookkeeping anomalies due to mismatches with other countries’ accounting rules.

Mr. Kidder says the speed at which this legislation is moving through Congress suggests that its effects weren’t fully considered. “A lot of these provisions have been drafted without people having time to figure out the full consequences and contemplating a simplified version of the targeted activity,” Mr. Kidder tells Law360, noting that the targeted activity in these provisions is the practice of pushing too much income from intangible property outside the United States.

The full article can be read at Law360 (subscription required).