The US Congress has enacted foreign tax credit (FTC) and other international tax reforms. The reforms were included in the Educational Jobs and Medicare Assistance Act (H.R. 1586), which was enacted by Congress on 10 August 2010 and signed into law by the President on the same day.
The FTC reforms and other international tax measures are generally effective for taxable years that commence after 31 December 2010, subject to a number of exceptions and transition …