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Foreign tax credit regulations; OIRA review completed

Foreign tax credit regulations; OIRA review completed

OMB’s Office of Information and Regulatory Affairs (OIRA) reported it has completed its review of final regulations and proposed regulations concerning the foreign tax credit provisions enacted by the 2017 U.S. tax law (Pub. L. No. 115-97) (the law that is commonly referred to as the “Tax Cuts and Jobs Act” (TCJA)).

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According to OIRA, review of the final and proposed regulations was completed on October 29, 2019. Treasury regulations that are identified as “major” regulations are subject to review by OMB’s OIRA before being issued, pursuant to Executive Order 13771.

The foreign tax credit regulations reviewed by OIRA are:

  • Final regulations - RIN: 1545-BP19: Tax Cuts and Jobs Act (TCJA) foreign tax credit guidance [TCJA] 
  • Proposed regulations - RIN: 1545-BP21: Follow-on guidance related to the foreign tax credit, including guidance implementing changes made by the Tax Cuts and Jobs Act [TCJA]


On OIRA’s website, the final regulations are described as follows:

This document will finalize proposed regulations 1.861-8; 1.861-9; 1.861-10; 1.861-11; 1.861-12(a), (c)(3),(4), (d)(2), (k); 1.861-13; 1.861-14; 1.861-17; 1.901(j)-1; 1.904-1; 1.904-2; 1.904-3; 1.904-4; 1.904-5; 1.904-6; 1.904(b)-3; 1.904(f)-12; 1.952-1; 1.954-1; 1.960-1; 1.960-2; 1.960-3; 1.960-4; 1.960-5; 1.960-6; 1.960-7; and 1.965-5 concerning foreign tax credit issues arising under TCJA.  The proposed regulations were published in the Federal Register on December 7, 2018, as part of REG-105600-18, RIN 1545-BO62.

On OIRA’s website, the proposed regulations are described as follows:

Proposed regulations relating to follow-on guidance for changes to the foreign tax credit after the Tax Cuts and Jobs Act.

Now that OIRA review has been completed, Treasury and the IRS are expected to release these regulations for publication in the Federal Register—the exact date is not known.

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