���㣨Leyu����������

On May 22, 2025, the House of Representatives passed a significant budget reconciliation package, known as the "One Big Beautiful Bill." This legislation introduced a controversial new provision, section 899, also known as the “revenge tax,�� because it is intended to retaliate against other countries�� extraterritorial and discriminatory taxes. To achieve this goal, section 899 establishes two retaliatory measures against discriminatory foreign countries that impose unfair foreign taxes. What are the two separate retaliatory measures provided in section 899 and how would they apply? What “unfair�� foreign taxes are targeted by section 899? What taxpayers would be within the scope of section 899? When would section 899 be applicable and does Treasury have any authority to delay the provision’s effective date to allow the administration to engage in negotiations with foreign countries with unfair taxes? How should taxpayers prepare for the potential enactment of section 899?  Will this tax survive the Senate?

Join us as our hosts Gary Scanlon and Kristen Gamboa interview returning guest Dan Winnick from the ���㣨Leyu���������� WNT International Tax group to answer these questions and more on the latest episode of Inside International Tax.