Impact of Build Back Better Bill Tax Provisions on International Business Operations
November 12, 2021
The latest version of the Build Back Better bill was released by the U.S. House of Representatives on November 5, 2021. The bill includes significant spending initiatives which are paid for, in part, by proposed tax provisions that impact companies operating outside the United States. Tax Beat hosts, Brooks and Sarah, invite Cherry Bekaert’s International Tax specialists, Brian Dill and Michael Cornett, to highlight the proposed provisions impacting income subject to GILTI and FDII tax rates. They also address other proposed provisions including changes to foreign tax credits and BEAT. This is timely information as companies evaluate changes to their supply chains and watch the movement towards a global minimum tax.
A companion Tax Beat podcast highlights the proposed tax provisions that can impact businesses and individual taxpayers.
7:14 — Proposed provisions impacting GILTI and FDII