Tax Proposals of President-Elect Biden and Other Prominent Democrats | Proskauer - Tax Talks
Corporate Minimum Tax Biden would introduce a new 15% minimum tax on book income of companies that report net income of more than $100 million. Corporations would pay the higher of the regular corporate income tax or the 15% minimum tax. The minimum tax would still permit corporate taxpayers to use foreign tax credits and any net operating loss carryovers. Changes to GILTI Biden would double the current effective tax rate on “global intangible low-taxed income” (“GILTI”) from 10.5% to 21% (and from 13.125% to 26.250% starting in 2026). In addition, Biden would calculate GILTI tax ...
Source: jdsupra.com