• Tax Increase Prevention and Reconciliation Act: Controlled Foreign Corporations to Benefit
  • July 1, 2006 | Author: Erika G. Litvak
  • Law Firm: Greenberg Traurig, P.A. - Miami Office
  • On May 17, 2006, President Bush signed a $70 billion tax reconciliation bill titled the "Tax Increase Prevention and Reconciliation Act of 2005" (the "Act"). The new Act modifies and provides for extensions to a wide variety of tax provisions of the Internal Revenue Code (the "Code"). Among others, the Act provides for two different breaks for Controlled Foreign Corporations.