US House reconciliation bill adjusts GILTI, FDII and BEAT also introducing new s.899

The US House of Representatives on May 22 voted 215 to 214 to pass H.R. 1, the “One Big Beautiful Bill Act” including proposed tax law changes, such as those on GILTI, FDII and BEAT, permanently extending the current rates with slight modifications. It also includes new section 899, a retaliatory measure on a discriminatory foreign country that imposes an “unfair foreign tax”. They are slightly different from the changes previously put forward by the House Ways and Means Committee.