The Internal Revenue Service and Treasury Department willgenerally allow existing loans and other related-party transactionsinvolving the overseas affiliates of multinational corporations tobe taxed at the lower of two preferential rates, according to anofficial notice.

The notice, releasedFriday afternoon, said the IRS and Treasury “intend to issue” newregulations clarifying how multinational companies must compute taxbills on the foreign earnings they have accumulated to date.

The tax overhaul bill signed last week by President Donald Trumprequires companies to pay taxes on those earnings at two discountedrates—15.5 percent on income held as cash and cash equivalents and8 percent for illiquid assets. Those rates apply to an estimated$3.1 trillion in earnings stockpiled overseas since 1986.