The Senate Finance Committee has announced a modification of the chairman’s mark for the Tax Cuts and Jobs Act. Some of the main modifications include:
- A limitation on the net operating loss deduction to 80% of taxable income (determined without regard to the deduction) in taxable years beginning after 31 December 2023.
- A reduction in the proposed deduction for global intangible low-taxed income from 50% to 37.5% for taxable years beginning after 31 December 2025. For taxable years beginnin…