Washington (July 7, 2004) — The American Institute of CPAs has joined a coalition of U.S. business groups in urging Congress to rethink a provision of the “Jumpstart Our Business Strength (JOBS) Act” that critics say could backfire on American workers.
Under current law, Internal Revenue Code Section 911 allows Americans working overseas to exclude up to $80,000 in income annually from U.S. taxes. Their employers may provide an unlimited tax-free housing allowance on top of that break.
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