OMB Begins Review of Final Regulations Regarding the GILTI High-Tax Exclusion

On June 16, Treasury submitted final regulations with respect to the proposed high-tax exclusion for global intangible low-taxed income (GILTI) under section 951A, as well as proposed regulations under section 954(b)(4) relating to high-taxed subpart F income, to the Office of Management and Budget (OMB) for review. Among other items, the proposed version of the regulations offered taxpayers an election to exclude income subject to a high rate of foreign tax from GILTI under certain conditions.

Read More: GILTI High-Tax Exclusions Regs Reach OIRA
Read More: Proposed GILTI Regulations

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