December 20, 2007 - Before adjourning for the year, both the House and Senate passed so-called “technical corrections” to various tax laws – but not before stripping out from the package a proposal that could have more than doubled taxes on some small- to mid-sized U.S. businesses that export.
The proposal would have affected the tax on dividends derived from export sales of US companies that use the Interest Charge Domestic International Sales Corporation (IC-DISC) structure – a structure some companies use to help stay competitive in the world market. Both the House and Senate were set to jump the tax rate on that dividend income from 15 percent to 35 percent – but lobbying by AMT and other business groups led to actions by our supporters in Congress which stripped the IC-DISC tax increase out of the final legislation.
Find out about AMT's Government Relations priorities to strengthen U.S. manufacturing and how you can help in our efforts to lobby Congress and the Administration on issues of importance to our industry.
