Senate Tax Bill Won't Include Import Excise Tax Provision, Report Says
Forthcoming Senate tax legislation won’t include a 20 percent excise tax on payments for imports from U.S. corporations to their related foreign firms, diverging from the House bill introduced last week (see 1711060056), CNBC reported. The initial version of the…
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Senate bill is expected to be released this week, the report says. “Vocal opponents” of the House excise proposal include conservative advocacy group Heritage Action, which has called it a “backdoor border adjustment tax,” the report says. The Organization for International Investment has also expressed concern, CNBC reported. House Ways and Means Committee Chairman Kevin Brady, R-Texas, contended that the earlier House border adjustment proposal is “nowhere near” the excise tax provision, according to the story. The Senate Finance Committee didn’t comment.