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Join us for an update on the Inflation Reduction Act of 2022 and an in-depth discussion of the potential international tax implications of its corporate alternative minimum tax (CAMT) proposal. We’ll also discuss the potential business implications of recent technical corrections to the foreign tax credit (FTC) regulations.

Our panel will include members of EY’s Washington Council Ernst & Young legislative team, who will discuss the latest updates relating to the bill. Members of EY’s National Tax Department will analyze the international elements of the CAMT proposal. The proposal, a minimum tax based on profits computed for accounting (instead of tax) purposes, raises unique challenges for multinational companies. One particular area we’ll examine in detail is how CAMT is factored into the computation of Pillar Two minimum taxes that may be imposed by foreign countries on US companies.

In addition to updating you on this legislation, we’ll also discuss recent technical corrections made to the final FTC regulations. These corrections appear to relax the “cost recovery” requirement, while also raising new questions as to how broadly the requirement should be interpreted. Panelists will also discuss what additional FTC guidance or regulatory proposals Treasury and the IRS may issue in the future.

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