House speaker calls house from recess to tighten international tax rules

The Senate last week approved $11 billion in tax hikes for multinationals. The provisions would tighten foreign tax credit rules and close the international tax loopholes. The revenue is intended to be used to bolster Medicare funds and provide aid to states to prevent teacher layoffs. The House speaker Nancy Pelosi took the unusual step and convened the House to interrupt its summer recess to ensure that the teacher funding provisions are approved before the start of school year. Since these international offsets are similar to those included in extenders legislation approved by the House in May, it is expected that it will clear the House and President Obama will quickly sign into law.

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