Business Services Industry
Brokers may get tax break.
Business Insurance, May, 2001 by Hofmann, Mark A.
If there's one thing insurance professionals don't like, it's uncertainty. Yet that's exactly what they face each year as Congress considers whether to extend yet again a temporary exclusion of Subpart F of the Internal Revenue Code of 1986, so that U.S. financial services companies doing business abroad can defer U.S.
tax on their foreign earnings until the earnings are returned to the U.S. parent company. The exclusion applies to active financing income earned on overseas business operations, but it has never been made permanent for financial services companies. Brokers don't currently enjoy even the temporary exemption, said Joel Wood, senior vp-government affairs for the Council of Insurance Agents & Brokers in Washington. But that may soon change....
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