Puerto Rico occupies a space between foreign and domestic status with U.S. citizenship for residents, its own Olympic team and a tax system that allows individuals and companies the chance to elude the IRS.
A tax break used by oil and gas pipeline companies such as Kinder Morgan Energy Partners LP will cost the U.S. government $7 billion through 2016, about four times more than previously estimated, Congress’s tax scorekeepers said this month.
For more than 60 years, the Tennessee Gas Pipeline has linked natural-gas wells in Texas to customers in the north. Until last year, it paid federal corporate income taxes on its earnings, setting aside $107 million in 2011 alone.
Mitsubishi Corp. agreed to take a 50 percent stake in a wind park being built off the coast of the Netherlands, the second wind-energy investment in northwest Europe by Japan’s biggest trading group in less than a week.
An expansion in the reach of the alternative minimum tax is the element of the U.S. fiscal cliff with the largest immediate effect on taxpayers and the most bipartisan appetite for a solution, creating the possibility that lawmakers could use it to propel Congress toward a deal.
Short line railroads, the government of American Samoa and owners of Nascar tracks are among a diverse group that may encounter added resistance in a drive to protect billions of dollars in U.S. tax breaks.