American exporters could lose more than $5 billion in annual tax benefits, if Congress enacts legislation to come into compliance with World Trade Organization (WTO) rules. How to meet U.S. international obligations but not hurt U.S. industry, especially manufacturers, is now the subject of debate among lawmakers in Washington.
The legislative battle is over proposals to eliminate the special tax rules for export sales through Foreign Sales Corporations (FSC). A WTO dispute-settlement panel, in response to a complaint from the European Union (EU), declared the FSC tax rules to be an illegal export subsidy and recommended its repeal.
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