Tax Notes Today International, October 25, 2023
"U.S. Claims Court Allows Foreign Tax Credit on NII Tax,” by Michael Smith
A recent Tax Notes article gives a good reporting on the important US Claims Court decision allowing for the use of Foreign Tax Credits to offset the Net Investment Income Tax (NII). Although the case relates specifically to the use of French taxes to offset the NII through an interpretation of the French-American tax treaty, the implications could go further and include all countries with US tax treaties. ACA is watching developments carefully on this issue and will provide updates.