# \#SUBCHAPTER-B—PERMANENT-AMERICA-FIRST-TAX-REFORMS
**URL:** https://forum.repealobbba.org/tag/subchapter-b-permanent-america-first-tax-reforms/527.md
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## [Sec. 70311. Modifications related to foreign tax credit limitation | Impact](https://forum.repealobbba.org/t/sec-70311-modifications-related-to-foreign-tax-credit-limitation-impact/894)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 17, 2025, 12:12am UTC](https://forum.repealobbba.org/t/sec-70311-modifications-related-to-foreign-tax-credit-limitation-impact/894 "2025-08-17T00:12:34Z")
What does this Sec (section) actually do? How will it change day to day government processes? Will it impact consumers? Businesses? Please share how this section is impacting you, your family, your business, your dist…
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## [Sec. 70312. Modifications to determination of deemed paid credit for taxes properly attributable to tested income | Impact](https://forum.repealobbba.org/t/sec-70312-modifications-to-determination-of-deemed-paid-credit-for-taxes-properly-attributable-to-tested-income-impact/896)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 17, 2025, 2:55am UTC](https://forum.repealobbba.org/t/sec-70312-modifications-to-determination-of-deemed-paid-credit-for-taxes-properly-attributable-to-tested-income-impact/896 "2025-08-17T02:55:33Z")
What does this Sec (section) actually do? How will it change day to day government processes? Will it impact consumers? Businesses? Please share how this section is impacting you, your family, your business, your dist…
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## [Sec. 70313. Sourcing certain income from the sale of inventory produced in the United States | Impact](https://forum.repealobbba.org/t/sec-70313-sourcing-certain-income-from-the-sale-of-inventory-produced-in-the-united-states-impact/897)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 17, 2025, 2:57am UTC](https://forum.repealobbba.org/t/sec-70313-sourcing-certain-income-from-the-sale-of-inventory-produced-in-the-united-states-impact/897 "2025-08-17T02:57:30Z")
What does this Sec (section) actually do? How will it change day to day government processes? Will it impact consumers? Businesses? Please share how this section is impacting you, your family, your business, your dist…
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## [Sec. 70321. Modification of deduction for foreign-derived deduction eligible income and net CFC tested income | Impact](https://forum.repealobbba.org/t/sec-70321-modification-of-deduction-for-foreign-derived-deduction-eligible-income-and-net-cfc-tested-income-impact/898)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 17, 2025, 3:00am UTC](https://forum.repealobbba.org/t/sec-70321-modification-of-deduction-for-foreign-derived-deduction-eligible-income-and-net-cfc-tested-income-impact/898 "2025-08-17T03:00:36Z")
What does this Sec (section) actually do? How will it change day to day government processes? Will it impact consumers? Businesses? Please share how this section is impacting you, your family, your business, your dist…
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## [Sec. 70322. Determination of deduction eligible income | Impact](https://forum.repealobbba.org/t/sec-70322-determination-of-deduction-eligible-income-impact/899)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 17, 2025, 3:02am UTC](https://forum.repealobbba.org/t/sec-70322-determination-of-deduction-eligible-income-impact/899 "2025-08-17T03:02:14Z")
What does this Sec (section) actually do? How will it change day to day government processes? Will it impact consumers? Businesses? Please share how this section is impacting you, your family, your business, your dist…
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## [Sec. 70323. Rules related to deemed intangible income | Impact](https://forum.repealobbba.org/t/sec-70323-rules-related-to-deemed-intangible-income-impact/900)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 17, 2025, 3:04am UTC](https://forum.repealobbba.org/t/sec-70323-rules-related-to-deemed-intangible-income-impact/900 "2025-08-17T03:04:17Z")
What does this Sec (section) actually do? How will it change day to day government processes? Will it impact consumers? Businesses? Please share how this section is impacting you, your family, your business, your dist…
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## [Sec. 70331. Extension and modification of base erosion minimum tax amount | Impact](https://forum.repealobbba.org/t/sec-70331-extension-and-modification-of-base-erosion-minimum-tax-amount-impact/901)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 17, 2025, 3:06am UTC](https://forum.repealobbba.org/t/sec-70331-extension-and-modification-of-base-erosion-minimum-tax-amount-impact/901 "2025-08-17T03:06:00Z")
What does this Sec (section) actually do? How will it change day to day government processes? Will it impact consumers? Businesses? Please share how this section is impacting you, your family, your business, your dist…
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## [Sec. 70341. Coordination of business interest limitation with interest capitalization provisions | Impact](https://forum.repealobbba.org/t/sec-70341-coordination-of-business-interest-limitation-with-interest-capitalization-provisions-impact/902)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 17, 2025, 4:32am UTC](https://forum.repealobbba.org/t/sec-70341-coordination-of-business-interest-limitation-with-interest-capitalization-provisions-impact/902 "2025-08-17T04:32:23Z")
What does this Sec (section) actually do? How will it change day to day government processes? Will it impact consumers? Businesses? Please share how this section is impacting you, your family, your business, your dist…
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## [Sec. 70342. Definition of adjusted taxable income for business interest limitation | Impact](https://forum.repealobbba.org/t/sec-70342-definition-of-adjusted-taxable-income-for-business-interest-limitation-impact/903)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 17, 2025, 4:33am UTC](https://forum.repealobbba.org/t/sec-70342-definition-of-adjusted-taxable-income-for-business-interest-limitation-impact/903 "2025-08-17T04:33:15Z")
What does this Sec (section) actually do? How will it change day to day government processes? Will it impact consumers? Businesses? Please share how this section is impacting you, your family, your business, your dist…
---
## [Sec. 70351. Permanent extension of look-thru rule for related controlled foreign corporations | Impact](https://forum.repealobbba.org/t/sec-70351-permanent-extension-of-look-thru-rule-for-related-controlled-foreign-corporations-impact/904)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 17, 2025, 4:34am UTC](https://forum.repealobbba.org/t/sec-70351-permanent-extension-of-look-thru-rule-for-related-controlled-foreign-corporations-impact/904 "2025-08-17T04:34:25Z")
What does this Sec (section) actually do? How will it change day to day government processes? Will it impact consumers? Businesses? Please share how this section is impacting you, your family, your business, your dist…
---
## [Sec. 70352. Repeal of election for 1-month deferral in determination of taxable year of specified foreign corporations | Impact](https://forum.repealobbba.org/t/sec-70352-repeal-of-election-for-1-month-deferral-in-determination-of-taxable-year-of-specified-foreign-corporations-impact/905)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 17, 2025, 4:36am UTC](https://forum.repealobbba.org/t/sec-70352-repeal-of-election-for-1-month-deferral-in-determination-of-taxable-year-of-specified-foreign-corporations-impact/905 "2025-08-17T04:36:54Z")
What does this Sec (section) actually do? How will it change day to day government processes? Will it impact consumers? Businesses? Please share how this section is impacting you, your family, your business, your dist…
---
## [Sec. 70353. Restoration of limitation on downward attribution of stock ownership in applying constructive ownership rules | Impact](https://forum.repealobbba.org/t/sec-70353-restoration-of-limitation-on-downward-attribution-of-stock-ownership-in-applying-constructive-ownership-rules-impact/906)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 17, 2025, 4:39am UTC](https://forum.repealobbba.org/t/sec-70353-restoration-of-limitation-on-downward-attribution-of-stock-ownership-in-applying-constructive-ownership-rules-impact/906 "2025-08-17T04:39:41Z")
What does this Sec (section) actually do? How will it change day to day government processes? Will it impact consumers? Businesses? Please share how this section is impacting you, your family, your business, your dist…
---
## [Sec. 70354. Modifications to pro rata share rules | Impact](https://forum.repealobbba.org/t/sec-70354-modifications-to-pro-rata-share-rules-impact/907)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 17, 2025, 4:41am UTC](https://forum.repealobbba.org/t/sec-70354-modifications-to-pro-rata-share-rules-impact/907 "2025-08-17T04:41:03Z")
What does this Sec (section) actually do? How will it change day to day government processes? Will it impact consumers? Businesses? Please share how this section is impacting you, your family, your business, your dist…
---
## [Sec. 70311. Modifications related to foreign tax credit limitation | Law as Amended](https://forum.repealobbba.org/t/sec-70311-modifications-related-to-foreign-tax-credit-limitation-law-as-amended/584)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 1, 2025, 4:12am UTC](https://forum.repealobbba.org/t/sec-70311-modifications-related-to-foreign-tax-credit-limitation-law-as-amended/584 "2025-08-01T04:12:40Z")
This post is a wiki post, please jump in or reply with your comments.
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## [Sec. 70312. Modifications to determination of deemed paid credit for taxes properly attributable to tested income | Law as Amended](https://forum.repealobbba.org/t/sec-70312-modifications-to-determination-of-deemed-paid-credit-for-taxes-properly-attributable-to-tested-income-law-as-amended/585)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 1, 2025, 4:15am UTC](https://forum.repealobbba.org/t/sec-70312-modifications-to-determination-of-deemed-paid-credit-for-taxes-properly-attributable-to-tested-income-law-as-amended/585 "2025-08-01T04:15:18Z")
This post is a wiki post, please jump in or reply with your comments.
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## [Sec. 70313. Sourcing certain income from the sale of inventory produced in the United States | Law as Amended](https://forum.repealobbba.org/t/sec-70313-sourcing-certain-income-from-the-sale-of-inventory-produced-in-the-united-states-law-as-amended/586)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 1, 2025, 4:17am UTC](https://forum.repealobbba.org/t/sec-70313-sourcing-certain-income-from-the-sale-of-inventory-produced-in-the-united-states-law-as-amended/586 "2025-08-01T04:17:35Z")
This post is a wiki post, please jump in or reply with your comments.
---
## [Sec. 70321. Modification of deduction for foreign-derived deduction eligible income and net CFC tested income | Law as Amended](https://forum.repealobbba.org/t/sec-70321-modification-of-deduction-for-foreign-derived-deduction-eligible-income-and-net-cfc-tested-income-law-as-amended/587)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 1, 2025, 4:35am UTC](https://forum.repealobbba.org/t/sec-70321-modification-of-deduction-for-foreign-derived-deduction-eligible-income-and-net-cfc-tested-income-law-as-amended/587 "2025-08-01T04:35:02Z")
This post is a wiki post, please jump in or reply with your comments.
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## [Sec. 70322. Determination of deduction eligible income | Law as Amended](https://forum.repealobbba.org/t/sec-70322-determination-of-deduction-eligible-income-law-as-amended/588)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 1, 2025, 4:39am UTC](https://forum.repealobbba.org/t/sec-70322-determination-of-deduction-eligible-income-law-as-amended/588 "2025-08-01T04:39:23Z")
This post is a wiki post, please jump in or reply with your comments.
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## [Sec. 70323. Rules related to deemed intangible income | Law as Amended](https://forum.repealobbba.org/t/sec-70323-rules-related-to-deemed-intangible-income-law-as-amended/589)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 1, 2025, 4:40am UTC](https://forum.repealobbba.org/t/sec-70323-rules-related-to-deemed-intangible-income-law-as-amended/589 "2025-08-01T04:40:53Z")
This post is a wiki post, please jump in or reply with your comments.
---
## [Sec. 70331. Extension and modification of base erosion minimum tax amount | Law as Amended](https://forum.repealobbba.org/t/sec-70331-extension-and-modification-of-base-erosion-minimum-tax-amount-law-as-amended/590)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 1, 2025, 4:42am UTC](https://forum.repealobbba.org/t/sec-70331-extension-and-modification-of-base-erosion-minimum-tax-amount-law-as-amended/590 "2025-08-01T04:42:02Z")
This post is a wiki post, please jump in or reply with your comments.
---
## [Sec. 70341. Coordination of business interest limitation with interest capitalization provisions](https://forum.repealobbba.org/t/sec-70341-coordination-of-business-interest-limitation-with-interest-capitalization-provisions/591)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 1, 2025, 4:44am UTC](https://forum.repealobbba.org/t/sec-70341-coordination-of-business-interest-limitation-with-interest-capitalization-provisions/591 "2025-08-01T04:44:14Z")
This post is a wiki post, please jump in or reply with your comments.
---
## [Sec. 70342. Definition of adjusted taxable income for business interest limitation | Law as Amended](https://forum.repealobbba.org/t/sec-70342-definition-of-adjusted-taxable-income-for-business-interest-limitation-law-as-amended/592)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 1, 2025, 4:46am UTC](https://forum.repealobbba.org/t/sec-70342-definition-of-adjusted-taxable-income-for-business-interest-limitation-law-as-amended/592 "2025-08-01T04:46:26Z")
This post is a wiki post, please jump in or reply with your comments.
---
## [Sec. 70351. Permanent extension of look-thru rule for related controlled foreign corporations | Law as Amended](https://forum.repealobbba.org/t/sec-70351-permanent-extension-of-look-thru-rule-for-related-controlled-foreign-corporations-law-as-amended/593)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 1, 2025, 4:47am UTC](https://forum.repealobbba.org/t/sec-70351-permanent-extension-of-look-thru-rule-for-related-controlled-foreign-corporations-law-as-amended/593 "2025-08-01T04:47:56Z")
This post is a wiki post, please jump in or reply with your comments.
---
## [Sec. 70352. Repeal of election for 1-month deferral in determination of taxable year of specified foreign corporations | Law as Amended](https://forum.repealobbba.org/t/sec-70352-repeal-of-election-for-1-month-deferral-in-determination-of-taxable-year-of-specified-foreign-corporations-law-as-amended/594)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 1, 2025, 4:49am UTC](https://forum.repealobbba.org/t/sec-70352-repeal-of-election-for-1-month-deferral-in-determination-of-taxable-year-of-specified-foreign-corporations-law-as-amended/594 "2025-08-01T04:49:05Z")
This post is a wiki post, please jump in or reply with your comments.
---
## [Sec. 70353. Restoration of limitation on downward attribution of stock ownership in applying constructive ownership rules | Law as Amended](https://forum.repealobbba.org/t/sec-70353-restoration-of-limitation-on-downward-attribution-of-stock-ownership-in-applying-constructive-ownership-rules-law-as-amended/595)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 1, 2025, 4:50am UTC](https://forum.repealobbba.org/t/sec-70353-restoration-of-limitation-on-downward-attribution-of-stock-ownership-in-applying-constructive-ownership-rules-law-as-amended/595 "2025-08-01T04:50:52Z")
This post is a wiki post, please jump in or reply with your comments.
---
## [Sec. 70354. Modifications to pro rata share rules | Law as Amended](https://forum.repealobbba.org/t/sec-70354-modifications-to-pro-rata-share-rules-law-as-amended/596)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [August 1, 2025, 4:52am UTC](https://forum.repealobbba.org/t/sec-70354-modifications-to-pro-rata-share-rules-law-as-amended/596 "2025-08-01T04:52:53Z")
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---
## [SUBCHAPTER B—PERMANENT AMERICA-FIRST INTERNATIONAL TAX REFORMS](https://forum.repealobbba.org/t/subchapter-b-permanent-america-first-international-tax-reforms/238)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [July 21, 2025, 8:56pm UTC](https://forum.repealobbba.org/t/subchapter-b-permanent-america-first-international-tax-reforms/238 "2025-07-21T20:56:36Z")
PART I—Foreign tax credit SEC. 70311. Modifications related to foreign tax credit limitation. (a) Rules for allocation of certain deductions to foreign source net CFC tested income for purposes of foreign tax credit li…
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## [PART V—OTHER INTERNATIONAL TAX REFORMS](https://forum.repealobbba.org/t/part-v-other-international-tax-reforms/236)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [July 21, 2025, 8:22pm UTC](https://forum.repealobbba.org/t/part-v-other-international-tax-reforms/236 "2025-07-21T20:22:36Z")
SEC. 70351. Permanent extension of look-thru rule for related controlled foreign corporations. (a) In general.—Section 954(c)(6)(C) is amended by striking “and before January 1, 2026,”. (b) Effective date.—The amendmen…
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## [Sec. 70354. Modifications to pro rata share rules](https://forum.repealobbba.org/t/sec-70354-modifications-to-pro-rata-share-rules/235)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [July 21, 2025, 8:20pm UTC](https://forum.repealobbba.org/t/sec-70354-modifications-to-pro-rata-share-rules/235 "2025-07-21T20:20:05Z")
(a) In general.—Subsection (a) of section 951 is amended to read as follows: “(a) Amounts included.— “(1) IN GENERAL.—If a foreign corporation is a controlled foreign corporation at any time during a taxable year of th…
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## [Sec. 70353. Restoration of limitation on downward attribution of stock ownership in applying constructive ownership rules](https://forum.repealobbba.org/t/sec-70353-restoration-of-limitation-on-downward-attribution-of-stock-ownership-in-applying-constructive-ownership-rules/234)
**Author:** [@editor](https://forum.repealobbba.org/u/editor)\
**Replies:** 0\
**Last updated:** [July 21, 2025, 8:18pm UTC](https://forum.repealobbba.org/t/sec-70353-restoration-of-limitation-on-downward-attribution-of-stock-ownership-in-applying-constructive-ownership-rules/234 "2025-07-21T20:18:28Z")
(a) In general.—Section 958(b) is amended— (1) by inserting after paragraph (3) the following: “(4) Subparagraphs (A), (B), and (C) of section 318(a)(3) shall not be applied so as to consider a United States person as …
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