Sherrod Brown Seeks Overhaul of 2017 Tax Provisions

Ohio’s U.S. Sen. Sherrod Brown is part of a Democratic effort to overhaul aspects of the 2017 tax reform package. Under a proposal from the Cleveland Democrat, as well as U.S. Sens. Ron Wyden (D-Ore.) and Mark Warner (D-Va.), three taxes created in the 2017 Tax Cuts and Jobs Act – the Global Intangible Low-Taxed Income (GILTI), the Foreign Derived Intangible Income (FDII), and the Base Erosion and Anti-Abuse Tax (BEAT) – would be significantly altered.

In its analysis, the non-partisan Tax Foundation writes: “Before making significant changes, lawmakers should consider how disrupting the balanced incentives for the location of intellectual property could impact where U.S. companies not only locate their intellectual property, but also the R&D and other related activities.” 4/8/2021