H.R. 8895 proposes an amendment to the Internal Revenue Code of 1986, which would change how certain payments to foreign related parties are treated. Specifically, the bill states that if the payments to these foreign parties are subject to a foreign income tax rate of at least 15%, they will...
Simple Explanation
H.R. 8895 is about a rule that says when companies pay money to their related companies in another country, and if that money gets taxed at least 15% in the other country, it won't be counted against them for certain tax calculations in the U.S. They want to make sure companies and the people who collect taxes understand exactly what they need to do, but it might be a bit tricky to figure out.