OMB’s Office of Information and Regulatory Affairs (OIRA) today reported it has received for review from the U.S. Treasury Department final and proposed regulations as guidance regarding the inclusion of global intangible low-taxed income (GILTI) by U.S. shareholders under sections 951(b) and 951A.
The 2017 tax law (Pub. L. No. 115-97, enacted December 22, 2017) generally retained the existing subpart F regime that applies to passive income and related-party sales, but created a new, broad class of income—“global intangible low-taxed income” (GILTI).
Today’s posting by OIRA reflects that the GILTI regulations were received May 16, 2019.
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