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Senators Drop Tax Item Affecting Foreign Companies

Foreign-based multinational corporations won a victory in the U.S. Congress as senators agreed to drop a provision targeting some cross-border transactions from legislation that could pass before year’s end.

Senator Kirsten Gillibrand, a New York Democrat, and others removed the tax provision from legislation to provide health benefits for workers who responded to the Sept. 11, 2001 terrorist attacks. The senators omitted the language in an effort to win Republican support to advance the measure, Gillibrand spokesman Matt Canter said today.