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The Origins of GILTI

The global intangible low-taxed income provision — new section 951A, combined with new section 250 — in the Tax Cuts and Jobs Act (P.L. 115-97) includes rules unlike any that have ever been part of the Internal Revenue Code. Tax advisers and reg writers have been wrestling with concepts that eliminate deferral on any foreign earnings over a fixed return on tangible assets, separate GILTI taxes into their own basket, allow a GILTI deduction at the parent level, and net controlled foreign corporations that have positive tested income with those that have negative tested income. Many of those concepts can be traced to international tax reform proposals that have been discussed for over a decade. Review and analysis of the earlier proposals could help inform both advisers and regulation writers.

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By Herzfeld, Mindy, posted on Monday June 25, 2018
Tax Reform
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