Current Tax law allows American companies to claim a tax credit for any taxes paid in a foreign country thus offsetting any US tax on corporate profits on a dollar for dollar basis. The Foreign Tax Credit has allowed major American corporations to not only not pay any US tax but to also in some cases result in a overall US tax credit (refund).
This is historical material “frozen in time”. The website is no longer updated and links to external websites and some internal pages may not work.
