Corporate foreign tax credit one sheet PDF
What is the corporate foreign tax credit?
The corporate foreign tax credit is a set of provisions designed by Congress to eliminate potential double taxation on the foreign-source income of U.S. corporations. Double taxation occurs when an item of income is taxed by both the United States, as the corporation's country of residence, as well as by the country where the income was generated. The current provisions allow U.S. businesses to credit their foreign taxes paid, accrued, or deemed paid against their U.S. income tax liability, subject to limitations that prevent taxpayers from using taxes paid in a country with a higher tax rate than the U.S. to offset their tax liability on U.S. income. Corporations are required to calculate this credit separately for different income categories to prevent taxpayers from combining income that is traditionally taxed at low rates, such as dividend or interest income, with income that is typically taxed at higher rates, such as active business income. The corporate foreign tax credit is reported on Form 1118, Foreign Tax Credit - Corporations.
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Statistical tables
The following tables are available as Microsoft Excel® files. A free Excel Viewer is available for download, if needed.
U.S. corporation income tax returns with a foreign tax credit
| Data presented | Classified by | Tax years |
|---|---|---|
| Table 1: Total Assets, Income, Taxes, and Credits, and Foreign Income, Deductions, and Taxes | Major and selected minor industry | 2021 XLSX 2020 XLSX 2018 XLSX 2017 XLSX 2016 XLSX 2015 XLSX 2014 XLS 2013 XLS 2012 XLS 2011 XLS 2010 XLS 2009 XLS 2008 XLS 2007 XLS 2006 XLS 2005 XLS 2004 XLS 2003 XLS 2002 XLS 2001 XLS 2000 XLS 1999 XLS 1998 (by NAICS) XLS 1998 (by SIC) XLS 1997 XLS 1996 XLS 1995 XLS 1994 XLS 1993 XLS 1992 XLS |
| Table 1.1: Returns with Income in Excess Credit Position: Foreign Income, Deductions, and Taxes for Tax Year 2010 only | Major and selected minor industry | 2010 XLS |
| Table 1.2: Returns with Income in Excess Limitation Position: Foreign Income, Deductions, and Taxes for Tax Year 2010 only | Major and selected minor industry | 2010 XLS |
| Table 2 [Discontinued]: Foreign Income, Deductions, and Taxes | Industrial sector and by type of foreign income for which separate credit was computed | 2006 XLS 2005 XLS 2004 XLS 2003 XLS 2002 XLS 2001 XLS 2000 XLS 1999 XLS 1998 XLS 1997 XLS 1996 XLS 1995 XLS 1994 XLS 1993 XLS 1992 XLS |
|
Table 2: Foreign Income, Deductions, and Taxes Note: Listed as 'Table 3' prior to Tax Year 2006. |
Selected country to which foreign taxes were paid | 2021 XLSX 2020 XLSX 2018 XLSX 2017 XLSX 2016 XLS 2015 XLS 2014 XLS 2013 XLS 2012 XLS 2011 XLS 2010 XLS 2009 XLS 2008 XLS 2007 XLS 2006 XLS 2005 XLS 2004 XLS 2003 XLS 2002 XLS 2001 XLS 2000 XLS 1999 XLS 1998 XLS 1997 XLS 1996 XLS 1995 XLS 1994 XLS 1993 XLS 1992 XLS |
| Table 3: Foreign Income, Deductions, and Taxes | Category of foreign income for which separate credit was computed | 2021 XLSX 2020 XLSX 2019 XLSX 2018 XLSX |
SOI Bulletin articles
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Corporate foreign tax credit
2018 PDF 2016–2017 PDF 2013 PDF 2012 PDF 2011 PDF 2010 PDF 2009 PDF 2008 PDF 2007 PDF 2006 PDF 2005 PDF 2004 PDF 2003 PDF 2002 PDF 2001 PDF 2000 PDF 1999 PDF 1998 PDF 1997 PDF 1996 PDF 1995 XLS 1994 PDF
Statistics of Income studies of international income and taxes
Archives
Foreign tax credit, claimed on corporation income tax returns