The U.S. Chamber of Commerce urges the Treasury Department togive corporations that overpaid taxes on offshore profits moreflexibility in how to use those refunds.
The Internal Revenue Service said earlier this month that itwon't rebate excess payments or credit them toward tax bills nottied to repatriation, such as annual bills for corporateincome.
“This guidance places taxpayers who are in an overpaymentposition at a competitive disadvantage to taxpayers who are in anunderpayment position,” says a letter sent to Treasury onTuesday.
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