Washington -- Lawmakers have agreed to supplant a $50 billion tax break intended for domestic exporters with a larger, $76.5 billion tax cut for manufacturers and a host of incentives for U.S.-based companies to expand abroad.

The pact, okayed by a House-Senate committee, ended a multi-year effort to eliminate the break for exporters -- a measure that had been ruled illegal by the World Trade Organization and that led to sanctions by the European Union on U.S. products.

It also eliminates a break for major exporters such as Microsoft, but extends it to U.S.-based manufacturers, and slashes the tax burden for large domestic concerns that operate internationally, such as General Electric. A bill now awaits a full vote by the House and Senate.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access