At the specific request of member companies, the Michigan Chamber last week weighed in on another set of draconian and far-reaching proposed regulations put forward by the US Treasury.
In April, the Obama Administration again put forward regulations that could have a devastating impact on job providers – in this case serious tax implications for normal non-taxable transactions that help multi-national businesses manage efficiently-run subsidiaries. The guise under which these were put forward is to limit the use of “inversions”, yet not surprisingly the proposed regulations, under the Internal Revenue Code Section 385 (Reg.-108060-15), go well beyond this stated purpose and would penalize normal ordinary course business transactions that have nothing to do with inversion transactions or U.S. tax avoidance.
The Michigan Chamber has also provided these same comments to the Michigan Congressional delegation to alert them to the serious consequences on large Michigan job providers if these are not halted or dramatically amended.
For more information on this or other tax-related issues, please contact Tricia Kinley at email@example.com