Statement by US government official suggests proposed foreign tax credit regulations would not affect the credit claimed by US related parties for excise tax paid to Puerto Rico under Act 154

United States (US) Treasury Assistant Secretary for Tax Policy David J. Kautter and Puerto Rico’s Treasury Secretary, Francisco Parés Alicea, recently discussed the impact of the proposed foreign tax credit regulations on the excise tax paid to Puerto Rico under Act 154. According to a press release from Secretary Parés Alicea following the meeting, Assistant Secretary Kautter indicated that the proposed regulations were not intended to affect taxpayers’ ability to claim a foreign income ta…