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U.S. Chamber Urges Treasury to Relax Offshore Tax Refund Rules

Companies that overpaid taxes on offshore profits want flexibility in how they use those funds.

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The U.S. Chamber of Commerce urges the Treasury Department to give corporations that overpaid taxes on offshore profits more flexibility in how to use those refunds.

The Internal Revenue Service said earlier this month that it won’t rebate excess payments or credit them toward tax bills not tied to repatriation, such as annual bills for corporate income.

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