GSP Not Part of Tax Package

An agreement between the chairmen of the House Ways and Means and the Senate Finance committees includes authorization for the administration to negotiate a fix to tax laws for foreign investment in Taiwan but doesn't include a renewal of the Generalized System of Preferences benefits program.

The tax package, released Jan. 16, mostly restores tax benefits for businesses -- such as accelerated depreciation and research and development credits -- and increases the child tax credit, including by adjusting it for inflation.