Biden plan would repeal export preference in tax code

The Biden administration has proposed repealing a provision of the 2017 Tax Cuts and Jobs Act that subjects income derived from exports of intangible assets to a lower tax rate than physical assets, which the administration says encourages companies to offshore intellectual property. The proposed changes to the tax code are part of President Biden’s expansive $2.3 trillion infrastructure plan. The plan includes a focus on boosting U.S. innovation as it competes with China for technological supremacy. Repealing an export...