News Release
ICI Welcomes Removal of Section 899 from Tax Bill
Washington, DC; June 26, 2025—Today, the Investment Company Institute (ICI) issued the following statement after Section 899 was removed from the One Big Beautiful Bill Act thanks to negotiations between the Trump Administration and G7 countries:
“ICI applauds today’s announcement from Chairman Crapo and Chairman Smith that Section 899 will be removed from the One Big Beautiful Bill Act following the Administration’s agreement with G7 countries. We thank Treasury Secretary Scott Bessent, Chairman Crapo, and Chairman Smith for leading the successful negotiations and ensuring the United States continues to be the premier destination for global investors.”
Background:
ICI has fully supported efforts to protect American business interests overseas and to address discriminatory foreign taxes but has called for “a well-designed passive investment exemption” in the provision.