Members of the Senate Finance Committee filed 93 amendments for consideration during tomorrow's markup of legislation to extend expired tax provisions. The Chairman's Mark, released yesterday, is likely to be modified before the markup begins.
As expected, Senator Chuck Grassley (R-IA), along with eight other senators, filed an amendment to revive the production tax credit (PTC) for renewable energy. Finance Committee Ranking Member Orrin Hatch (R-UT) filed an amendment, with bipartisan support from six other senators, to restore the look-through rule, exempting certain income of U.S. companies' foreign subsidiaries from taxation under Subpart F. In case the look-through rule is added to the modification of the Chairman's Mark, Senator Sherrod Brown preemptively filed an amendment to strike the provision. Brown also filed an amendment to strike the active financing exception from the package.