TEI Holds U.S. Congressional Liaison Meetings.

On May 1-2, 2019, a delegation of Executive Committee and Tax Reform Task Force members assembled in Washington, DO., for the Institute's first set of congressional liaison meetings since the late 1990s. Over the course of two days, TEI's delegation met with the majority and minority staffs of both chambers' tax-writing committees-the House Committee on Ways and Means and the Senate Committee on Finance-to discuss some of TEI's most important and broad-based legislative priorities in the wake of Public Law 115-97 (the Tax Cuts and Jobs Act). The delegation was led by James P. Silvestri, TEI international president, and Emily T. Whittenburg, chair of TEI's Tax Reform Task Force, under the stewardship of Watson M. McLeish, tax counsel for the Institute.

1. Introductions

   1. TEI Members

   James P. Silvestri Emily T. Whittenburg PCS Wireless, Inc. Shell Oil Company International President, TEI Chair, TEI's Tax Reform Task Force Katrina H. Welch Anthony O'Donnell Texas Instruments Incorporated EMD Serono, Inc. Senior Vice President, TEI Member, TEI's Tax Reform Task Force Kristine M. Rogers Jason Weinstein Love's Travel Stops & Country Stores, Inc. Amazon.com, Inc. Member, TEI's Executive Committee Member, TEI's Tax Reform Task Force B. TEI Staff

   Eli J. Dicker Watson M. McLeish Benjamin R. Shreck Executive Director Tax Counsel Tax Counsel II. About TEI

   TEI is the preeminent association of in-house tax professionals worldwide, with over 7,000 members representing 2,800 of the leading companies in North and South America, Europe, and Asia. TEI represents a cross-section of the business community, and is dedicated to the development of sound tax policy, uniform and equitable enforcement of tax laws, and minimization of administration and compliance costs to the mutual benefit of government and taxpayers. As a professional association, TEI is committed to fostering a tax system that works--one that is administrable and with which taxpayers can comply in a cost-efficient manner.

3. Substantive Agenda

   1. Technical and Clerical Corrections to Public Law 115-97

      1. Applicable Recovery Period for Qualified Improvement Property

      2. Modification of Net Operating Loss Deduction--Effective Date

      3. Modification of Stock Attribution Rules for Determining CFC Status

   2. Other Legislative Priorities

      1. Current-year Inclusion of Global Intangible Low-taxed Income by U.S. Shareholders --Rationalization with Foreign Tax Credit Rules

      2. Base Erosion and Anti-abuse Tax--Payments for Services

      3. Limitation on Deduction for Interest--Definition of Adjusted Taxable Income

      TEI members are responsible for administering the tax affairs of their companies and must contend daily...