Political Quotes

“Mr. President, I rise to engage in a colloquy with my colleague, the chairman of the Senate Finance Committee, Senator Wyden. In the corporate alternative minimum tax, there is some question as to whether companies that operate in foreign countries with standard tax years that are different from the U.S. could lose foreign tax credits strictly because of these non-conforming years. This may especially be an issue in the very first year of the corporate alternative minimum tax's application. Does Treasury have authority to issue regulations dealing with potential issues with foreign income taxes relating to nonconforming foreign tax years and how that impacts foreign tax credits in the corporate alternative minimum tax? This would include fair rules for the utilization of foreign tax credits in the law's first year.”