P.L. 111-226 makes changes to how corporations can use the foreign tax credit and also terminates the advance refundability of the earned income credit (under Sec. 3507), effective for tax years beginning after December 31, 2010.
Congress enacted legislation that makes changes to the how corporations can use the foreign tax credit.
The American Jobs Creation Act reduced the foreign tax credit limitation categories from eight to two: passive category income and general category income.