The 'One Big Beautiful Bill Act': key international tax provisions

Insights from the EY Center for Tax Policy

The budget reconciliation legislation known as “The One Big Beautiful Bill Act” (the Act), which was signed into law July 4, made various changes to the US international tax system, including to the global intangible low-taxed income (GILTI) and foreign-derived intangible income (FDII) regimes. The Act also made meaningful changes to the controlled foreign corporation (CFC) and foreign tax credit rules. The impact of these changes will depend on each taxpayer’s profile and vary by industry and sector.

Join us for a discussion of how the Act will impact multinational enterprises and how affected parties might react to those changes.

Moderator:

• Jose Murillo, EY Americas Director, International Tax and Transaction Services (ITTS), Ernst & Young LLP

Panelists:

• Joshua Ruland, ITTS Leader, National Tax Department, Ernst & Young LLP
• Jason Yen, Principal, ITTS, National Tax Department, Ernst & Young LLP
• Colleen Zeller, Partner, ITTS, National Tax Department, Ernst & Young LLP

EY webcast managed and produced by Ernst & Young LLP’s Tax Technical Knowledge Services Group, Washington, DC: Lynn Fairfax