International tax increases to come before the House by Friday

House Majority Leader Steny Hoyer (D-Md.) on Wednesday said legislation by Ways and Means Chairman Sandy Levin (D-Mich.) that increases taxes on U.S. multinational firms will hit the floor by the end of the week. 

“Ways and Means Chairman Levin has been working on a compact package, which will deal with jobs and is paid for by the offshoring of jobs loopholes,” Hoyer said, adding, “We don’t think that’s good policy.”

The legislation is expected to include provisions from the so-called tax extenders bill that failed to pass the Senate. That bill prohibited the “splitting” of foreign tax credits and extended the life of Build America Bonds.

Hoyer said the new bill will be part of the “Make it in America” agenda, a strategy that seeks to bolster the country’s manufacturing sector.