What changes for Americans in France if residence-based taxation passes? | The Local
Posted by Aca Admin on January 07, 2025
The Local, January 7, 2025
What changes for Americans in France if residence-based taxation passes?
"Marylouise Serrato, the Executive Director of American Citizens Abroad told The Local: 'We know that the bill has to be re-introduced to the Congress. We know that Representative LaHood is getting feedback on the bill.
'We do believe that there is sort of a deadline for tax legislation, which is linked to provisions in the Tax Cuts and Jobs Act (TCJA) that expire at the end of this year. I would anticipate that there will be a lot of activity in the first quarter on taxation, and this bill in particular.'
Serrato explained: 'The spirit of residence-based taxation is that it would allow Americans to invest locally. Because that income is foreign-earned income, it would be excluded from being filed to the US treasury.'