EY ITTS Washington Dispatch, July 2022

Ernst & Young ITTS Washington Dispatch

monthly review of US international tax-related developments. In this edition:

US Senate Majority Leader, Sen. Manchin reach agreement on $740b budget reconciliation bill with 15% corporate minimum tax – Congress passes CHIPS bill with investment tax credits and incentives – Treasury and IRS publish technical corrections to final foreign tax credit regulations – IRS proposed regulations would limit Section 1256 mark-to-market accounting for FX contracts to FX forward contracts – Treasury announces termination of tax treaty with Hungary – OECD releases Progress Report on Amount A of Pillar One of BEPS 2.0 project – G20 Finance Ministers reiterate commitment to BEPS 2.0 two-pillar implementation.