Holland & Knight Alert: Biden Administration’s FY 2022 Budget and International Tax Changes (June 10, 2021)

Lawrence R. Kemm, Joshua David Odintz, Alan Winston Granwell, and William M. Sharp of Holland & Knight LLP, have made available for download their article, “Biden Administration’s FY 2022 Budget and International Tax Changes” published as a Holland & Knight Alert. The article begins as follows:

A previous Holland & Knight alert provided an overview of corporate and individual income tax increases as detailed in the U.S. Department of the Treasury May 2021 “Green Book.” (See “Biden Administration’s FY 2022 Budget and Its Tax Increases for Corporations, Wealthy,” June 3, 2021.)

This alert provides more details as to selected international tax proposals relating to 1) The Global Minimum Tax Regime, 2) The Stopping Harmful Inversions and Ending Low-Tax Developments (SHIELD), 3) Repeal Taxation of Foreign Fossil Fuel Income, 4) Repeal the Deduction for Foreign Derived Intangible Income (FDII), 5) Limit Foreign Tax Credits from Sales of Hybrid Entities, 6) Restrict Deductions of Excessive Interest of Members of Financial Reporting Groups for Disproportionate Borrowings in the United States, and 7) Provide Tax Incentives for Locating Jobs and Business Activity in the United States and Remove Deductions for Shipping Jobs Overseas.

To view and download the article, click here: “Biden Administration’s FY 2022 Budget and International Tax Changes”

Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal

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