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.
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